Speaking about the EUR-JPY pair we were watching a price reach the key level and make an upward pullback in the result of which by far there are no vivid initial conditions in H1 scale for a rising movement. As for the GBP/JPY pair the price has still not left the zone of initial conditions developing for a declining movement from April, 2 and here we are observing the situation progressing within the corridor. In this analytical review we will analyze the development of the structure for the next week for such pairs as EUR/JPY and GBP/JPY. Having read it, you should realize more clearly a possible prospective of the currencies development. In this method, for a simpler representation we use the standard notions of the technical analysis, such as: the support and resistance levels etc., though the method itself is based on the properties of the fractal function and has a deep meaning of the current and the future situation understanding. All calculations are made from the initial conditions of the cycle development. The direction of the price movement from the current initial conditions are shown with a black arrow line. The alternative movement is shown with a red arrow line, in case of breaking through the key levels for cancellation of the uprising or downfalling cycle. As a rule, the red line also indicates the correctional movement and a short-term exit through the level. Do not use only the images; study the text in order to understand the progress of the event.
Forecast for April 9:
For the euro-yen pair the important levels are 126.21, 125.44, 124.33, 124.04, 123.59, 123.18, 122.38 121.87. Here we are observing an upward pullback, though there are no definite initial conditions by far. A short-term up-rising movement is expected after a break through the level 125.44, in this case the potential target is 126.21, before which we are waiting for a formation of the rising structure high. A short-term descending movement is possible in the diapason 124.33 – 124.04, the break of the latter will be favourable for the continuation of the declining tendency from April, 2 and here the first target is 123.59. Other levels are left the same.
Sell: 126.21 Take profit: 125.44
Sell: 124.33 Take profit: 124.04
Buy: 124.04 Take profit: 125.44
Sell 123.97 Take profit: 123.18
For the pound- yen currency pair the significant levels are: 143.96, 142.27, 141.92, 141.42, 140.35, 139.85, 139.07 138.54. Here we are not observing clear initial conditions in H1 scale for rising movement. The level 143.96 is a key support for a falling structure from April, 2, before it we are waiting for full-scale formation of the initial structure for a high. A short-term downfalling movement is possible in the diapason 142.27 – 141.92, the break through the latter will continue the development of the falling structure since April, 2 in this case the first target is 121.42. Further on the key readings remained unchanged.
Sell: 143.96 Take profit: 142.27
Sell: 142.27 Take profit: 141.92
Buy: 141.92 Take profit: 143.96
Sell: 141.42 Take profit: 140.35
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