01.02.201908:14 Forex Analysis & Reviews: Simplified wave analysis of EUR / JPY for February 1

Large-scale graphics:

The bearish wave of the cross-country that set the main motion vector all last year has all the signs of completion. Its structure is fully formed, the proportions of the entire parts are met. The price is within a fairly strong support.

Medium scale graphics:

The rising wave, which began on January 3, continues in flat form to gain the wave level necessary for a further breakthrough. Its high potential allows us to expect a change in the entire short-term trend from the beginning movement.

Small-scale graphics:

A descending wave of January 9 formed a flat corridor. A preliminary analysis of the structure indicates a high probability of the completion of the entire wave in the coming week.

Forecast and recommendations:

On the pair chart, there are strong reversal signals that make sales hopeless in the coming month. It is recommended to use all suitable trading signals to enter long positions. Breaking up may coincide in time with the release of news blocks.

Resistance zones:

- 126.70 / 127.20

- 125.20 / 125.70

Support areas:

- 123.80 / 123.30

Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. 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.

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!