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Large TF:
On the weekly chart of the Japanese yen by the end of last year, the downward wave ended. The peculiarity of the situation in the coincidence of the structures of weekly and monthly scales. The beginning of the bull wave has a high wave level, in which there can be no classical counter pullbacks.
Small TF:
In the dominant wave of January 3, all corrections have the wrong appearance. The last of them ended on March 8. Subsequent movements prepare the groundwork for a valuable new breakthrough. In the structure of the wave in recent days, a downward roll is formed.
Forecast and recommendations:
In the yen market, a bullish mood remains. In the coming days, there is a possibility of a short-term price reduction. For traders, this will give a good opportunity to enter the pair's purchases on more favorable terms.
Resistance zones:
- 113.30 / 113.80
Support areas:
- 111.20 / 110.70
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. 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.
Note: 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!
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