GBP/USD
Within the last section of the trend wave, an upward correction has been formed since June 18. The price reached a strong resistance and then began to develop a pullback down. The downward section does not go beyond the internal correction.
Forecast:
Today, the flat mood of the price fluctuations of the pound is most likely. A downward vector is expected in the morning. In the area of the support zone towards the end of the day, you can expect a reversal and the beginning of price growth. The volatility of the instrument can significantly increase.
Recommendations:
When selling the pound today, it is worth reducing the size of the lot and be prepared for a sharp price pullback. In the area of settlement support, it is recommended to monitor the entry signals to long positions for this instrument.
Resistance zone:
- 1.2720/1.2750
Support zone:
- 1.2650/1.2970
USD/JPY
On the chart of the Japanese yen since the end of April, a downward trend is developing. Since June 21, the wrong kind of correction is formed in the opposite direction to the main motion vector. At the time of analysis, the structure of the bullish wave is fully formed. The price has reached the potential reversal zone. But there are no signals of a change of course on the chart.
Forecast:
At the next trading sessions, it is expected that the upward mood of the movement, the formation of a turn and the beginning of a decline will be completed. The support area will limit the size of daily travel.
Recommendations:
Purchases of the Japanese yen today are unpromising. It is recommended to pay attention to the emerging reversal signals to find entry points in short positions.
Resistance zone:
- 108.10/108.40
Support zone:
- 107.40/107.10
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.
