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GBP/USD
Analysis:
The direction of the pound's short-term price movements is set by the downward wave algorithm from December 13 last year. The first parts (AB) are traced in the structure, while the final part (C) started in February. Regardless, the wave is still incomplete. The quotes have reached a strong support.
Forecast:
Before the final pull downwards, the quotes in the flat need to gain a higher wave level. An upward movement is likely to happen today, at least in the first half of the day. Meanwhile, the rate, rising above the resistance zone, is unlikely to happen. You can wait for a return to the downward rate at the end of the day.
Potential reversal zones
Resistance:
- 1.2920/1.2950
Support:
- 1.2850/1.2820
- 1.2760/1.2730
Recommendations:
The pound will continue to decline. Its purchases will only be justified in the intra-session trading. The safest way to trade is to sell the pair at the ends of the counter movements.
USD/JPY
Analysis:
The yen's chart shows a change in the short-term trend vector. From February 20, a powerful reversal wave has formed downwards, which may possibly exceed the level of the previous bullish wave's pullback. The price has reached the borders of a large-scale strong support zone.
Forecast:
We should expect the formation of a corrective movement in the near future. Given the impulse nature of the current decline, there is a possibility that the oncoming movement will take place sideways. After the pressure on the support zone, a flat mood with a general upward vector of the price is expected today. A change of course is also possible at the end of the day.
Potential reversal zones
Resistance:
- 109.60/109.90
Support:
- 108.90/108.60
Recommendations:
Conditions have not yet been created for yen purchases. For long-term sales, you must wait for the completion of the upcoming pullback. Lot must be reduced.
Explanations: in the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is the one being analyzed. The solid background of the arrows show the formed structure, while the dotted background shows the expected movements.
Note: the wave algorithm does not take into account the duration of the pair's movements in time!
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