GBP/USD
Analysis:
The market of the British pound has been dominated by an upward movement since March 18. The direction of the short-term trend sets a corrective decline. Its last section counts down from April 30. The middle part (B) is formed in the structure. The final pull down (C) is missing.
Forecast:
Today, after the pressure on the support zone, the price is expected to resume its upward course. The end of the rise can be expected in the area of the calculated resistance. A reversal and change of rate are possible at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 1.2320/1.2350
Support:
- 1.2240/1.2210
Recommendations:
Today, there are no conditions for selling the British pound. Intraday supporters are recommended to buy short-term instruments with a reduced lot. By the end of the day, you should be ready to change your trading priorities.
USD/JPY
Analysis:
The direction of the Japanese yen's trend on March 9 is set by an upward wave. In its structure, the first parts (A-B) are completed. In the ascending wave (C) that started on May 6, the price forms an intermediate flat correction in the last decade. It lacks the final part.
Forecast:
Today, the pair's chart is mainly expected to show a downward price movement. A short-term rise to the area of the calculated resistance is possible. You can wait for the end of the day or tomorrow for the price to go down.
Potential reversal zones
Resistance:
- 107.90/108.20
Support:
- 107.30/107.00
Recommendations:
Trading on the yen market today is only possible within the intraday style. We recommend that you focus on searching for the instrument's sell signals.
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!
