empty
 
 
18.03.2019 05:14 PM
Simplified Wave Analysis. Overview of USD / JPY for the week of March 18

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.

This image is no longer relevant

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!

Isabel Clark,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback