Stay 
Trading Conditions
Products
Tools
GBP/USD
Analysis:
In the last 3 months, the price of the British pound forms an upward trend. The wave is at the end of upward large scale construction and has the potential for further growth. Since mid-October, the price is adjusted. Its structure does not look complete.
Forecast:
Today, the completion of the price pullback is expected and a return to the downward rate. During the reversal, a short-term puncture of the calculated resistance zone is not excluded. Activation of the reduction phase is likely by the end of the day.
Potential reversal zones
Resistance:
- 1.2870/1.2900
Support:
- 1.2800/1.2770
Recommendations:
Pound purchases are futile today. It is recommended that the main attention be paid to emerging selling signals of the instrument. In the area of the support zone, the transaction should be closed at the first sign of a reversal.
USD/JPY
Analysis:
In the main upward wave of the Japanese yen, its last section (C) entered the final phase. The price is approaching the lower border of the powerful zone of a potential reversal. Here is the preliminary level of completion of the entire upward wave. The price in the last 3 days is flat.
Forecast:
Before the price breaks up, the wave should gain a higher wave level. Today, we can expect the continuation of the current rollback, in the form of a side flat. An attempt to break up is likely at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 109.60/109.90
Support:
- 109.00/108.70
Recommendations:
Trading on the yen market today is possible within the intraday style. Before the emergence of clear reversal signals, the main attention should be paid to sales. With reversal signals in the support area, it is recommended to change the vector of deals.
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!
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
