Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Overview of EUR / JPY for the week of July 4 by simplified wave analysis

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Wave picture of the chart H4:

The descending wave of February 2 on a larger scale cross-chart takes the place of correction. By the totality of its characteristics, it can be considered complete.

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The wave pattern of the graph H1:

The bullish wave of May 29 has a large wave level. There is a high probability that it will give rise to a larger upward wave.

analytics5b3c83b27e15b.jpg

The wave pattern of the M15 chart:

The rising wave of June 19 in the larger wave structure takes the place of the final part (C). Before the final jerk, the price should finish the corrective decline.

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Recommended trading strategy:

Sales are highly risky due to the small reduction potential. For all trading styles, it is recommended to track purchase signals for the instrument.

Resistance zones:

– 130.00 / 130.50

– 132.10 / 132.60

Support zones:

– 128.10 / 127.60

Explanations to the figures: In a simplified wave analysis, waves consisting of 3 parts (A-B-C) are used. For analysis, 3 main TFs are used, on each one the last, incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the wave counting according to the technique used by the author. The solid background shows the generated structure, the dotted – the expected movements.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need confirmation signals from your trading systems!

The material has been provided by InstaForex Company – www.instaforex.com

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