GBP/USD
Analysis:
For the intraday trader, the greatest interest in the pound market is the last downward wave from October 17. The correction wave is formed in the lateral plane. From November 18, the final section is formed.
Forecast:
Today, the general flat mood of the pair's movement is expected, mainly with a downward vector. In the first half of the day, a "sideways" is likely. The increase in volatility can be expected by the end of the day. The option of extending down to the next support remains relevant.
Potential reversal zones
Resistance:
- 1.2950/1.2980
Support:
- 1.2890/1.2300
Recommendations:
Sales of the pound today are possible only within the intra-session. At the end of the current price decline, it is recommended to monitor the reversal signals to find entry points into long positions.
USD/JPY
Analysis:
Since August, the price has formed a bullish trend in the yen market. The price has reached the lower limit of the potential reversal zone, from which a correction is formed in the last month. The wave is nearing completion.
Forecast:
Today, the flat mood of the movement is expected to continue. In the first half, a downward course is likely. The completion of the entire decline and the change of the intraday trend is possible today.
Potential reversal zones
Resistance:
- 108.90/109.20
Support:
- 108.30/108.00
Recommendations:
Sales of the pair are possible today, but it is worth considering the probability of sharp pullbacks. It is recommended to monitor the reversal signals and look for the best points to buy the pair.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted - the expected movement.
Attention: The wave algorithm does not take into account the length of time the tool moves!
