GBP/USD
Analysis:
When analyzing the structure of the dominant bearish wave, it can be seen that the last ascending section from the beginning of March completed the wave of incorrect correction in the form of a stretched plane. The wave structure looks complete. Yesterday's decline has a reversal potential.
Forecast:
The coincidence of several signs at once indicates a likely change in the short-term trend in the near future. In the first half of the day, a weakly upward mood is expected. A puncture of the upper boundary of the resistance zone is unlikely. The bearish mood of the movement can be expected to resume at the end of the day.
Potential reversal zones
Resistance:
- 1.3080/1.3110
Support:
- 1.3010/1.2980
- 1.2920/1.2890
Recommendations:
Buy deals on the British pound market today can be risky. We recommend that you focus on searching for sell signals in the area of calculated resistance.
USD/JPY
Analysis:
After the release of news data at the end of last week, the volatility of the Japanese yen increased sharply. After the price drop, an upward wave of a high wave level was formed. This is a reversal of the short-term trend direction.
Forecast:
In the near future, the price should roll back down, clarifying the situation on the market. Today, the flat nature of price fluctuations with a downward movement vector is likely. The preliminary completion phase shows the support area. You can expect to return to the upward rate no earlier than tomorrow.
Potential reversal zones
Resistance:
- 104.30/105.00
Support:
- 103.40/103.10
Recommendations:
Until the trend change is confirmed by the pair's reversal signals, trading on the pair's market can be risky. Today, short-term transactions are possible in the corridor between the nearest zones, according to the described sequence. It is more reasonable to reduce the size of the trading lot.
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!
