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Review and Forecast for GBP / JPY
The ascending wave of the cross pair pound/yen came to its logical conclusion. In a larger wave model, this section took the place of correction. Price extremes over the past year have formed a distinct geometric figure "ascending flag", the top of which lies against the potential reversal zone on a large scale.
Moving near the scale of the analysis, the last incomplete wave design dominates dated September 21 last year. Today, the middle part of the wave (B) is formed in it.
There is a high probability of the completion of the upward movement today and the beginning of the downward price movement. During the reversal, a short-term puncture of the upper boundary of the resistance zone is not ruled out.
Boundaries of resistance zones:
- 154.30 / 60
Boundaries of support zones:
- 153.30 / 153.00
Overview and Outlook for #USDX (US Dollar Index)
The situation of the US dollar index is best illustrated by the picture on a daily scale. Since March 2015, the maximum highs of prices formed a correctional figure of "descending expanded flat." The decline last year was caused by the formation of the final part of the pattern.
The intermediate correction period was completed by the beginning of the winter. Since December last year, the index's quotes have continued to move along the major trend direction. The upper boundary of the next possible target zone is within the 89th price pattern.
In the next trading sessions, the index expects a general flat tone. The probability of a reversal is high within the support zone. The growth of the dollar has a chance to start today.
Boundaries of resistance zones:
- 90.90 / 91.00
Boundaries of support zones:
- 90.30 / 20
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. On each considered time frame the last and incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas in which 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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