GBP/USD
Analysis:
The price fluctuations of the British pound fit into the algorithm for forming a downward wave from December 13. In its structure, the middle part (B) is nearing completion. Quotes form a horizontal "pennant" and the price is at its end.
Forecast:
In the near future, the price will complete the side correction and enter the operational space. Before the start of an active decline, a short-term rise in the pair's rate is very likely. To determine the moment of reversal, you should focus on the time of the release of important news.
Potential reversal zones
Resistance:
- 1.3030/1.3060
Support:
- 1.2940/1.2910
Recommendations:
Purchases of the pound today are high-risk and, as a result, can be unprofitable. It is recommended to track the instrument's sell signals at the ends of all price rises.
USD/JPY
Analysis:
The main trend of the Japanese yen since August is directed to the "North" of the chart. The last section forms an incomplete wave sequence (A-B), in which the middle part (B) is close to completion. The price has reached the estimated target zone. The price rise that started on January 24 has a reversal potential.
Forecast:
In the coming days, there is a high probability of completing the pair's preparation for a powerful price rise. In the European session, the price is expected to move to the support area. This will be followed by a reversal and price growth. This may coincide with the release of an important news block.
Potential reversal zones
Resistance:
- 109.40/109.70
Support:
- 108.70/108.40
Recommendations:
Yen sales are not promising today. We recommend that you focus on finding reversal signals to enter long positions.
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 and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool's movements in time!
