USD/JPY
The direction of the short-term trend of the Japanese yen is set by the downward wave of May 21. It completes a larger wave model. The price has reached the upper limit of a powerful potential reversal zone. Since June 3, an upward correction wave has been forming on the chart. It lacks the final section.
Forecast:
After completion of the downward pullback, the yen expects a reversal and a further rise in the area of the calculated resistance zone. A breakthrough beyond the designated boundaries of the price corridor is unlikely today.
Recommendations:
It's not a good time for yen sales today. In the area of the support zone, it is recommended to monitor the signals of the rate change to enter long positions.
Resistance zone:
- 108.70/109.00
Support zone:
- 108.10/107.80
AUD/USD
The major of the Australian dollar since May 21 forms a bullish wave. In a larger wave structure from April 17, the site takes the place of correction. The preliminary estimate allows you to wait up at least 2 more price figures. Since yesterday, a bearish pullback has been developing from the intermediate resistance.
Forecast:
A downward movement vector is expected at the next trading sessions. Completion of the price reduction is more likely as part of the settlement support. Closer to the end of the day increases the chance of a reversal and the beginning of a price rise. A breakthrough of the upper limit of the resistance is unlikely today.
Recommendations:
Short-term sales of the pair today are possible only on the smallest TF. For those trading the day-to-day style, a more sensible tactic would be to refrain from trading at the time of the decline and at its end enter into the pair's purchases.
Resistance zone:
- 0.7000/0.7030
Support zone:
- 0.6940/0.6910
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
