Minor operational scale (Daily)
The first month of summer - EUR/GBP, GBP/JPY, and EUR/JPY in the H4 timeframe - development options for the movement from June 5, 2020.
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Euro vs Great Britain pound
In June 2020, the development of the movement of the "main" EUR/GBP cross-instrument will continue in the 1/2 Median Line channel (0.8830-0.8960-0.9110) of the Minor operational scale forks - look at the animated chart for the details of movement within this channel 1/2 ML Minor.
A breakout of the lower border of the channel 1/2 Median Line of the Minor operational scale fork - support level 0.8830 - will determine the continued motion of the "main" cross-tool in the boundaries of the equilibrium zone of the Minor operational scale fork (0.8830-0.8685-0.8524) and Minute (0.8655-0.8560-0.8460).
If the upper limit of the channel 1/2 Median Line of the Minor operational scale forks is broken - resistance level 0.9110 - it will be possible to reach the EUR/GBP initial SSL line (0.9320) of the Minor operational scale forks.
The options for the EUR/GBP movement in June 2020 are shown in the animated chart.
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Great Britain pound vs Japanese yen
The development of the GBP/JPY in June 2020 will be due to the practicing of borders channels 1/2 Median Line of the Minuette operational scale fork (134.95-135.90-136.85) and Minor (137.90-134.50-131.90) - details of working out the boundaries of these channels 1/2 ML are presented on the animated chart.
If the support level of 131.20 on the lower border of the channel 1/2 Median Line of the Minor operational scale fork, together with the control line LTL (131.35) trading recommendations will make it possible to update the local minimum 129.28 and achievement of the initial line SSL Minor (128.85).
A joint breakdown of the upper boundaries of the 1/2 Median Line of the Minuette operational scales forks (resistance level 136.85) and Minor (137.30) will direct the development of the GBP/JPY movement to the borders of the equilibrium zones of the operational scales forks - Minute (139.10-141.50-143.45) and Minor (139.85-143.45-147.05).
Options for the movement of GBP/JPY in June 2020 are shown on the animated chart.
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Euro vs Japanese yen
The development of the movement of the EUR/JPY cross-instrument in June 2020 will depend on the development and direction of the breakdown of the range:
- resistance level 122.00 - final Shiff Line of the Minor operational scale fork;
- support level 121.05 - upper bound of ISL61.8 equilibrium zone of the Minor operational scale fork.
At the breakdown of ISL61.8 Minor - support level 121.05 - the development of the EUR/JPY movement can be continued within the boundaries of the balance zones of the operational scales forks - Minor (121.05-119.95-118.70) and Minute (118.70-117.40-116.20).
If the resistance level 122.00 is broken at the final Shiff line Minor and the initial SSL line (122.45) of the Minuette operational scale forks, followed by the maximum update of 122.84, the upward movement of EUR/JPY can be continued to the FSL (125.10) of the Minor operational scale fork.
Details of the development of the EUR/JPY movement in June 2020 are shown on the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers, and is not a guide to action (placing "sell" or "buy" orders).
The material has been provided by InstaForex Company - www.instaforex.com