19.03.201913:22 Forex Analysis & Reviews: Simplified Wave Analysis. Overview of GBP / JPY for the week of March 19

Large TF:

By analyzing the wave pattern on the weekly scale of the pair, the main ascending wave can state the completion of the middle phase of the movement (B) and the beginning of the final part (C).

Small TF:

The bullish wave from January 3 is developing in the form of a pulse. Since March 11, the final part has started, in which a corrective pullback has been developing since the beginning of the week.

Forecast and recommendations:

In the coming days, the nature of the cross traffic can be changed to "outset". The support area held a strong level so that a breakthrough is lower if it is, then only a short-term one. After correction, it is recommended to track the instrument purchase signals.

Resistance zones:

- 149.40 / 149.90

Support areas:

- 145.70 / 145.20

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. 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.

Note: 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!