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17.01.201910:09 Forex Analysis & Reviews: Simplified wave analysis of GBP / JPY for January 17

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Large-scale graphics:

The direction of the price trend of the cross since February of last year looks at the "south" of the chart. A large scale support zone has been reached. The wave structure looks complete.

Exchange Rates 17.01.2019 analysis

Medium scale graphics:

The descending section of the chart from November 8 completed the wave of the trend of a larger TF. Bullish price movement claims at least a correction.

Exchange Rates 17.01.2019 analysis

Small-scale graphics:

The rising wave of January 3 has a reversal potential, developing as a classic impulse. A downward pullback is expected in the coming days.

Forecast and recommendations:

The coming weeks will be favorable for tool purchases. At the end of each oncoming traffic, it is recommended to track the reversal signals.

Resistance zones:

- 143.90 / 144.40

- 140.80 / 141.30

Support areas:

- 138.00 / 137.50

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. 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.

Attention: 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
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