FX.co ★ Overview of EUR / JPY for the week of July 4 by simplified wave analysis

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.

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.

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.

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!