empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

08.01.202010:46 Forex Analysis & Reviews: Simplified wave analysis of GBP/USD and USD/JPY on January 8

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD

Analysis:

Short-term fluctuations of the British currency reflect the algorithm for the formation of a bearish wave from December 13. In the wave, the middle part (B) is completed and the beginning of the final part (C) is formed. Last week, the price moves along the lower border of the resistance zone.

Forecast:

Today is expected to complete the flat and start the downward phase of the movement. In the course of the decline, the volatility of the pair may increase.

Potential reversal zones

Resistance:

- 1.3170/1.3200

Support:

- 1.3100/1.3070

- 1.3000/1.2970

Recommendations:

Buying the pound today is possible, but quite risky. The best tactic is to wait until the current upswing is completed and then enter a short trade after receiving the reversal signals.

Exchange Rates 08.01.2020 analysis

USD/JPY

Analysis:

A bullish wave has been developing on the Japanese yen chart since August last year. In turn, this section completes a larger upward wave model. In the last 3 weeks, the price was adjusted down. No signals are confirming the completion of the correction yet, but its structure is fully formed.

Forecast:

The rising section that started this morning has a high potential, which indicates the beginning of a new wave on the main course of the movement.

A short-term decline is possible in the next session. By the end of the day, you should expect a new jump in the price up.

Potential reversal zones

Resistance:

- 108.70/109.00

Support:

- 108.10/107.80

Recommendations:

Sales of the yen today are possible only within the intra-session style, a reduced lot. In the area of the support zone, it is recommended to track the instrument purchase signals.

Exchange Rates 08.01.2020 analysis

Explanations: 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 and the dotted background shows the expected movements.

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

Isabel Clark
Analytical expert of InstaForex
© 2007-2024

Open trading account

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off