02.03.201808:13 Forex Analysis & Reviews: EUR / JPY pair trade review for March 2 by simplified wave analysis

After the trend wave has been reached, the EUR/JPY crosses the lower limit of the potential reversal zone and the pair quotations were adjusted downwards in the entire previous month. Analysis of the wave structure shows the formation of the final part of the completely hidden correction. This wave started in September of last year and formed in a irregular shape. By the current day, quotes have reached the minimum level expanding downward, coinciding with the support level of large scale. On this site, the probability of a flat stop was preserved. Prior to the appearance of signals for a change in the rate, the bearish vector of the movement remains the main scenario for the next few days.

In the morning, a short-term price hike is possible today. The boundary of the probable rise is the calculated resistance zone. The resumption of the decline is expected at the end of the day.

Boundaries of resistance zones:

- 130.90 / 131.20

Boundaries of support zones:

- 130.10 / 129.80

- 129.00 / 128.70

Explanations of the figures:

For simplified wave analysis, a simple waveform is used combining 3 parts namely, A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.

The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.