In the pound / yen cross chart formed by price extremes, an upward pennant, which began a month ago, corrected the lower limit. This could mean the beginning of a bearish wave similar to the previous wave-level plot. But without confirmation signals of the reversal so far this is nothing more than a correction.
Within the descending wave of February 2, a counter-correction site was formed. It has a completely hidden view. Its final part started on March 2 and is close to completion by the current day.
In the next sessions, a pair is expected to rise, up to and including contact with the resistance zone. The change in rate and the course of the price down is more likely at the end of the day.
The boundaries of resistance zones:
- 148.20 / 50
The boundaries of support zones:
- 146.90 / 60
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.
