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GBP/JPY: the monthly forecast. The middle-termed perspectives

Wave analysis

Technical analysis

Fundamental analysis

Complex analysis

   Following the structure dynamics of this very pair of currencies it’s necessary to search the daily time-frame in details, where the possibility for the long positions opening is already formed. For illustration purposes the mirror-script is overlapped on the centre of structure. From the point of view of the wave analysis all the ascendant structure can be taken as the twist and turns which won’t be in contradiction to the marking at the monthly time frame neither it’ll break the critical level.
   The RSI indicator finds itself within the sector of the minimal values that proves the possibility of the trend alternation.
   The support level is 50 per cent Fibonacci level which has already been exercised twice which also says for its strength.
   At the scaling-up it’s possible to see the “bulls” reverse bar (the candle-stick with small corpus, large shadows and closing higher than middle); exactly that also confirms the possibility of the trend rapid reverse.

   Trading recommendations: to purchase at the current price either at attempts of decrease; the stops a bit lower than the candle-stick shadow (139.20); the checkpoint level for the profit withdrawal at 162.70.



SCALING-UP



SCALING-UP

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst