FX.co ★ EUR/JPY for the week of May 24, 2007 for simplified wave analysis

Wave picture of the D1 chart:

Since June 2016, the price trend direction of the EUR/JPY cross pair is set by the rising wave. It is not yet complete with a high wave potential. In recent months, the price has fallen and forms the corrective part of the wave (B).

The wave pattern of the H1 graph:

The current wave of 24 prices completes the descending zigzag of a larger scale chart. The upper boundary of the target reduction target zone is approximately in 4 price figures below the current pair price.

The wave pattern of the M15 chart:

The last section from May 15 is directed towards the main direction of the trend. In the coming days, the pair expects a short-term pullback.

Recommended trading strategy:

Sales are relevant only for short-term types of trading. On a large scale of trading transactions, it is more logical to wait for the completion of the correction and look for purchase signals.

Resistance zones:

- 129.60 / 130.10

Support zones:

- 128.00 / 127.50

- 125.00 / 124.50

Explanations to the figures: Simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). Every TF shows that the last incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a reversal.

Arrows indicate the wave counting according to the technique used by the trader. The solid background shows the generated structure, dotted - the expected wave motion.

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 presented market analysis is informative and does not constitute a guide to the transaction.