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GBP/USD
Analysis:
Since March 20, the trend direction of the pound is set by an upward wave. Since July, the price has formed a downward correction on the chart. Since September 10, an upward wave with a reversal potential has been formed. It can be the beginning of a new wave of the main trend. Quotes are at the upper limit of a strong potential reversal zone.
Forecast:
Today, the price is expected to move in the corridor between the nearest counter zones. The pressure on the resistance zone is possible with a short-term puncture of the upper border. In the second half of the day, you can expect a change in the exchange rate and a price decline.
Potential reversal zones
Resistance:
- 1.2840/1.2870
Support:
- 1.2750/1.2720
Recommendations:
Trading the pound in the market today is possible in the intra-session style, according to the expected sequence. It is more reasonable to reduce the trading lot.
USD/JPY
Analysis:
The Japanese yen chart continues to be dominated by a bearish trend. The final section started on August 12. In the last decade, the price is adjusted. Quotes are very close to the lower border of the preliminary target zone.
Forecast:
Price fluctuations of the pair are expected today in the range between the opposite zones. After the probable pressure on the support zone, you can then wait for a reversal and a second attempt at growth.
Potential reversal zones
Resistance:
- 105.80/106.10
Support:
- 105.10/104.80
Recommendations:
It is better to trade the pair today within the intraday with a reduced lot. Until clear reversal signals appear, the priority is to buy the instrument.
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, and the dotted one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements in time!
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