20.02.201910:14 Forex Analysis & Reviews: Simplified wave analysis. Overview of GBP / JPY for February 20

Large TF:

The largest scale of the terminal gives a picture of an ascending wave model, in which the first 2 parts (A + B) have now been completed. The likely potential for the upcoming growth rate reaches 10 price figures.

Small TF:

The rising wave of January 3 develops as an impulse. Intermediate correction left behind. From February 15, the price went up again. A rollback will follow from the current price levels, after which the general price increase will continue.

Forecast and recommendations:

On the cross-country chart, the preparation is completed before the price breakthrough upwards. The time of the coming flat lull is recommended to use to search for entry points in the long position.

Resistance zones:

- 147.60 / 148.10

Support areas:

- 143.50 / 143.00

Explanatory notes 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!