GBP/USD
Analysis:
The dominating upward wave of the pound market has so far achieved minimal targets. Its structure looks complete. The decline that began on December 13 has a reversal potential.
Forecast:
The decline that began last Friday could be the beginning of a counter wave. In the coming days, the price is expected to roll back up. The strength of this movement will determine the further scenario of the price movement. The nearest resistance zone shows the expected upper limit of the daily range.
Potential reversal zones
Resistance:
- 1.3270/1.3300
- 1.3170/1.3200
Support:
- 1.3090/1.3060
Recommendations:
Today, trading on the pound market is possible only within the intraday, with a reduced lot. Purchasing is a priority. There are no conditions for sales.
USD/JPY
Analysis:
On the chart, the Japanese currency continues to set the main rate of movement of the upward wave model of the daily scale. Its last section (C) from the beginning of August reached the zone of strong resistance. Along with it in the last month and a half, the price moves sideways.
Forecast:
Today, the general flat mood of the movement in the flat price corridor is expected. The travel range is limited to the counter area. In the first half of the day, a downward movement vector is likely. The change of direction is expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 109.80/110.10
Support:
- 109.20/108.90
Recommendations:
Short-term trading on the pair market in the coming sessions is possible in both directions. When selling, it is better to reduce the lot. Search for buy signals can begin to be searched in the area of the support zone.
Explanations: 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 for determining the expected movement.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
