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GBP/USD
Analysis:
The upward momentum led the quotes of the British pound to the lower border of a strong reversal zone. The structure of the current wave is not complete. From the intermediate resistance zone in the last three weeks, the price forms an intermediate correction. This movement has entered its final phase.
Forecast:
Today, the end of the downward vector, the formation of a reversal, and the beginning of the upward course of the pair are expected. When the exchange rate changes, an increase in volatility and a short-term puncture of the lower border of the support zone are not excluded.
Potential reversal zones
Resistance:
- 1.3710/1.3740
Support:
- 1.3590/1.3560
Recommendations:
There are no conditions for selling the British pound today on the pair's market. In the resistance zone, it is recommended to monitor the emerging signals for buying the instrument.
USD/JPY
Analysis:
The direction of the price movement of the Japanese yen since March last year is set by the descending wave algorithm. From the support zone since the beginning of January, the quotes form a correction. The price pushed through the minimum required level of recovery and continued its growth.
Forecast:
During the current day, a general upward vector of the price movement is expected. In the European session, a decline to the support zone is not excluded. The active growth phase is likely at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 105.50/105.80
Support:
- 104.90/104.60
Recommendations:
There are no conditions for selling the pair until the full end of the current correction in the major yen market. At the end of all downward movements, it is recommended to make purchases of 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 line shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
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