Forecast for Simplified wave analysis of EUR / USD, GBP / USD and USD / JPY pairs on April 17

EUR / USD pair

The nature of euro price fluctuations in the last month sets the downward wave of March 20. It corrects the trend area having the form of a flat zigzag and the middle part (B) is nearing completion. The price is within the zone of potential large-scale reversal.


The completion of the entire price rise of the pair is expected on the next trading sessions. The probability of a short-term breakthrough of the upper boundary at the calculated resistance zone remains. There are no immediate reversal signals on the chart.


Euro purchases are very risky even on small TFs. If clear reversal signals appear, it is recommended to look for entry signals to short positions.

Resistance zones:

- 1.1320 / 1.1350

Support areas:

- 1.1260 / 1.1230


GBP / USD pair

Since March 13, the British pound price quotes have formed a "horizontal pennant" figure on the chart. It is possible to identify the completion of the first 2 parts (A + B). From the April 3, the flat range.


Before the final jerk in the direction of the trend of the wave, a flat stop is expected. In the next trading session, the price will work out a rollback. A breakthrough of the upper boundary of the resistance zone is unlikely. The active phase of decline can be expected at the end of the day or tomorrow.


Purchases for the next day is not recommended. The current price rise is most reasonable to use to enter short positions or to increase sales of the pair.

Resistance zones:

- 1.3065 / 1.3095

Support areas:

- 1.3000 / 1.2970


USD / JPY pair

From January 3, yen copies form a zigzag ascending in a wave, which completes a bullish wave of daily scale. The last wave of the short-term started on March 25th. The nature of the price movement is close to impulse. Correction in the last three days is developing in the form of a flat along the lower border of the resistance zone.


With a high probability, the flat mood of the movement will last for the next day. You can wait for some depreciation but not further than the lower limit of support. A return to active price growth is more likely in the following days.


Trading against the trend of the Japanese yen is risky for a deposit. It is recommended to refrain from trading to the full completion of the current correction phase. In the area where the support settles, it is worth focusing on buy signals of the pair.

Resistance zones:

- 112.90 / 113.20

- 112.00 / 112.30

Support areas:

- 111.70 / 111.40


Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last incomplete wave is analyzed. Zones show the areas where there will most likely be a turn. The arrows indicate the wave marking according to the method used by the author while the solid background is the formed structure and the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

The material has been provided by InstaForex Company -

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