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GBP/USD
Analysis:
The scale of the upward movement of the price that started on March 18 approached the level of the H4 timeframe. There was a change in the direction of the short-term trend. The price reached the lower limit of the strong reversal zone of a large TF.
Forecast:
Further price breakout of the current reversal zone up, without working out a counter correction is unlikely. In the coming day, we can expect a general upward mood. At the end of the day, one of the calculated resistance zones is expected to change course and begin to decline.
Potential reversal zones
Resistance:
- 1.2420/1.2450
- 1.2290/1.2320
Support:
- 1.2200/1.2170
Recommendations:
When buying the pound today, you should be careful. In areas of calculated resistances, it is recommended to track reversal signals on your vehicle to search for points of sale of the instrument.
USD/JPY
Analysis:
Since March 9, a new rising wave of short-term trend has been forming on the chart of the Japanese yen. From March 20, the price forms a correction. The preliminary completion zone is located in the settlement support area.
Forecast:
Today, the pair is expected to move in a bearish mood, until its full completion of the current wave down. At the end of the day, volatility is likely to increase and the exchange rate will change.
Potential reversal zones
Resistance:
- 108.60/108.90
Support:
- 107.80/107.50
Recommendations:
Today, the pair may sell on the market, but it is worth taking into account the corrective nature of the decline. In the area of settlement support, it is recommended to track the instrument purchase 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 expected movements - dotted.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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