FX.co ★ Fractal analysis for February, 02

Predictions for February, 02:

The important levels on the EUR/JPY currency pair are 128.38, 127.96, 127.14, 126.85, 125.25, 124.52 and 123.83. Here, the main key levels remained unchanged. At the current moment, we are following the formation of the potential initial conditions for ascendant circle from January, 29. We are looking for the short – term upward movement at the range of 126.85 – 127.14, the breaking out of the last reading will have to be accompanied by marked motion up, in that case the target is 127.96. We consider the level of 128.38 as the potential target for the upward movement, the price consolidation will take place in the range of 127.96 – 128.38. The short – term descendant motion is possible only when the level of 125.25 will be broken through, in this case the targets are not determined. We are expecting the cancel of upward structure development from January, 29 after the breaking out of 124.52, in this context, the first purpose is 123.83.

The important levels on the GBP/JPY currency pair are 147.51, 146.83, 146.50, 145.68, 145.29, 143.99, 143.10, 142.41, 142.03 and 140.91. Here, we are following the formation of the upward structure from February, 01 in full scale of H1. The short – term ascendant motion is possible in the range of 145.29 – 145.68, the breaking out of the last reading will have to be accompanied by the impulsive movement to the level of 146.50, the price consolidation will take place in the range of 146.50 – 146.83. The potential value for the upper level is 147.51, from which we are waiting for the downward pullback. The short – term descendant movement is possible after the breaking out of 143.99, in this case, the targets are not determined. The cancel of the upward structure development from February, 01 is expected after the breaching of 143.10, so we are looking for the downward structure continuation and here is the first target of 142.41. Further, the levels of the bearish motion are at the same places.

Analyst: Almazov Alexey.