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FX.co ★ Simplified wave analysis and forecast for GBP/USD and USD/JPY on January 19

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Forex Analysis:::2021-01-19T07:32:32

Simplified wave analysis and forecast for GBP/USD and USD/JPY on January 19

GBP/USD

Analysis:

The dominant upward trend of the British pound sterling led the quotes to the lower border of a powerful zone of a potential reversal. The last unfinished section counts down from December 21. Since the beginning of this year, a correction in the form of a horizontal plane has been formed in the structure of this wave.

Forecast:

Today, the pair's market is most likely to move the price in the side corridor between the nearest counter zones. The general upward rate is expected in the next session. By the end of the day, you can expect a change in the vector and a decline in the support area.

Potential reversal zones

Resistance:

- 1.3630/1.3660

Support:

- 1.3560/1.3530

Recommendations:

Trading on the pound market today is possible only within the boundaries of individual sessions, according to the expected sequence. It is more reasonable to reduce the trading lot in transactions.

Simplified wave analysis and forecast for GBP/USD and USD/JPY on January 19

USD/JPY

Analysis:

The direction of short-term trends of the major Japanese yen is set by the algorithm of the descending wave of November 9. In its structure, a counter correction was completed. Since January 11, in a sideways flat, the price forms a reversal structure before the start of a new section of the main trend.

Forecast:

During the current day, a general sideways course is expected. In the first half of the day, the pair is waiting for the end of the upward movement course. Then you can count on a reversal and a repeated decline in the support area.

Potential reversal zones

Resistance:

- 104.20/104.50

Support:

- 103.60/103.30

Recommendations:

When purchasing today, it is worth considering the limited potential of the upcoming rise. The main attention should be paid to the search for sell signals of the instrument in the area of the calculated resistance.

Simplified wave analysis and forecast for GBP/USD and USD/JPY on January 19

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 the arrows shows the formed structure, the dotted one shows the expected movements.

Attention: The wave algorithm does not take into account the duration of the instrument's movements in time!

Analyst InstaForex
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