GBP/USD
Analysis:
An upward wave has been forming on the chart of the British pound since mid-March. In the last two months, the price is adjusted in a wide price range. On April 5, its last section started. At the end of last week, the price pushed through a strong level of large-scale support, which indicates the continuation of the current decline.
Forecast:
Today, the most likely scenario for price movement is a sideways movement between the nearest zones. The resistance is the former support level. By the end of the day, the probability of a return to the downward rate increases, with the price moving down.
Potential reversal zones
Resistance:
- 1.2160/1.2190
Support:
- 1.2080/1.2050
Recommendations:
Before the appearance of reversal signals, sales of the instrument are more promising. It is better to look for entry points in the area of the calculated resistance. In the European session, short-term purchases with a reduced lot are possible.
USD/JPY
Analysis:
The Japanese yen has been trending upward since March 9. In the structure of the beginning bullish wave, the first parts (A-B) are completed. Since May 6, the reversal structure has started, after which the price will begin forming the final part (C). As part of the movement, a flat correction developed over the past week.
Forecast:
Today, the pair's market is expected to move in the price corridor between the nearest counter zones. In the first half of the day, a short-term rise is possible. Then you should wait for a reversal and a price decline to the support zone.
Potential reversal zones
Resistance:
- 107.40/107.70
Support:
- 106.70/106.40
Recommendations:
There are no conditions for buying yen today. It is recommended to track the instrument's sell signals in the resistance area.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of arrows shows the formed structure, and the dotted ones show the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
