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GBP/USD
Analysis:
The direction of the short-term trend of the pound since the beginning of August is set by an upward wave. Within the last part (C), a hidden correction has been developing in the last 2 weeks. After the completion of its downward section on October 21, the main wave will continue.
Forecast:
Today, it is expected the overall pace of the movement. In the next session, a short-term pullback is likely. The preliminary correction completion zone is located in the settlement support area.
Potential reversal zones
Resistance:
- 1.3000/1.3030
- 1.2890/1.2920
Support:
- 1.2810/1.2780
Recommendations:
The most optimal today is to refrain from trading the pound at the time of the pullback down. Intraday supporters can make short-term sales. In the support area, it is recommended to start tracking the signals of your vehicle to buy the instrument.
USD/JPY
Analysis:
The price movement of the Japanese yen since August is directed upwards. Wave analysis of the larger wave shows that the trend towards the weakening of the yen against the US dollar is becoming stable.
Forecast:
The rate of the pair is growing. The first major stop is expected around the 110th figure. In the next sessions, the price will continue to move in a lateral plane with a downward vector. The completion of the rollback is expected in the support area. A short-term puncture of its lower border before the turn cannot be excluded.
Potential reversal zones
Resistance:
- 108.80/109.10
Support:
- 108.20/107.90
Recommendations:
Trading on the pair's market today is possible only within sessions. When selling, you should reduce the lot. When the price reaches the settlement support, it is recommended to start tracking reversal signals to find entry points into long positions.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.
Attention: The wave algorithm does not take into account the length of time the tool moves!
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