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The last two-year rising wave of the cross pair pound/yen cross shows a very high wave level. It can be positively affirmed that a new long-term trend of the instrument is emerging, which will set the direction of the pair's movement for the coming years.
In February, the price reached the lower boundary of a strong counter zone and triggered a sharp decline. When analyzing the structure, this section took the place the final part of the prevailing correction that formed in recent months. Many signs indicate the completion of the corrective phase at the lowest possible level. The ascending zigzag since March 2 exceeded the scale of the previous decline, which signals the beginning of a new upward wave formation.
In the next few days, it will be possible to observe the completion of the rollback and the internal course reversal of the movement. The section of the graph in the resistance zone is expected to be the boundary of the weekly trend of the pair.
Boundaries of resistance zones:
- 152.00 / 152.50
Boundaries of support zones:
- 147.20 / 146.70
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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