GBP/USD
Analysis:
As a result of the upward trend, the quotes of the British pound reached the lower limit of the strong zone of a potential reversal. The length of the zone is more than 4 price figures, so the change in the short-term trend will be stretched over time. The incomplete short-term wave starts on December 21. It lacks the final part (C).
Forecast:
In the coming day, the general flat vector of the pair's movement is expected. After an attempt to put pressure on the resistance zone, you can then count on a change of course and a repeated decline to the support zone.
Potential reversal zones
Resistance:
- 1.3730/1.3760
Support:
- 1.3630/1.3600
Recommendations:
Trading on the pound market today is only possible in individual sessions with a reduced lot, according to the expected sequence.
USD/JPY
Analysis:
The downward wave from November 9 sets the main direction of short-term movements of the Japanese yen. The unfinished section from January 11 forms a reversal pattern before the start of the final decline.
Forecast:
In the next trading sessions, the completion of the current price rise in the last two days is expected. By the end of the day, you can expect the formation of a reversal and the beginning of the price move down. The calculated zones show the expected daily range of the pair's movement.
Potential reversal zones
Resistance:
- 104.00/104.30
Support:
- 103.40/103.10
Recommendations:
Buying the yen today can be risky and is not recommended. The main attention is proposed to be paid to the search for signals for the sale of the instrument.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted one shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
The material has been provided by InstaForex Company - www.instaforex.com