Large-scale graphics:
Starting from July last year, a downward wave of the wrong kind is formed on the yen major chart, which takes the place of correction in a larger model. The structure of the oxen looks complete.
Medium scale graphics:
The descending section of December 13 completed the bearish model of a larger scale. The price has reached the upper limit of a wide potential reversal zone.
Small-scale graphics:
The rising section of the chart, which began on January 3, has a reversal potential in terms of its wave level. The wave has just begun to form, and before the price rises follow the correction phase.
Forecast and recommendations:
In the coming week, the price is expected to be flat fluctuations between the nearest oncoming zones. After the completion of the preparatory period, a change in the short-term trend will follow. Trading before clear reversal signals is quite risky.
Resistance zones:
- 108.80 / 109.30
Support areas:
- 106.80 / 106.30
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Attention: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company -
www.instaforex.com