FX.co ★ Review of EUR / JPY pair for the week of June 21 on simplified wave analysis

The wave pattern of the H4 graph:

The direction of the main movement this year from February 2 sets the downward wave. In a larger wave design, the area turn into a correction. The preliminary goal of the wave has been reached and the structure has been fully formed.

The wave pattern of the H1 graph:

The ascending wave from May 29 is closest to this scale of analysis. It has a high wave level, with the prospect of moving to a larger scale of motion. The price forms a downward rollback in the whole current month.

The wave pattern of the M15 chart:

The bearish wave of June 7 in a larger wave model forms the middle part (B). The estimated level of completion is within the support zone.

Recommended trading strategy:

Sales have a small potential and it can only be used for intraday trading. To trade on higher timeframes, you need to track buy signals.

Resistance zones:

- 130.10 / 130.60

- 128.20 / 128.70

Support zones:

- 126.30 / 125.80

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits 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 to confirm the signals used by your trading systems.