FX.co ★ Overview of USD / JPY with a forecast for August 23

On the daily scale, the scale of the Japanese yen major from the end of December last year is monitored by the bearish wave. In a larger wave model, this site takes the place of correction of the last trend segment. The price of the pair has reached the minimum required level of elongation down. The preliminary calculation indicates the preservation of the potential to decrease.

Within the last section of the trend from July 11, there was a need for a corrective phase. Formed for the current month, the counter wave has a complex form of "expanding triangle" and is nearing completion.

In the upcoming trading sessions, an upward movement is expected. In the morning, pressure is not excluded on the support zone, with a possible short-term puncture of the lower boundary. The resistance zone shows the upper limit of the expected daily range of the pair.

The boundaries of the resistance zones:

- 110.10 / 40

The boundaries of the support zones:

- 109.40 / 10

Explanations to the figures: For simplified wave analysis, a simple type of wave is used that combines 3 parts (A; B; C). Of such waves, all kinds of correction are composed and most of the impulses. On each considered time-frame the last, incomplete wave is analyzed.

The zones 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 transaction, you need to confirm the signals used by your trading systems.