04.09.202009:39 Forex-elemzések és áttekintések: Simplified wave analysis and forecast for EUR/USD, USD/JPY, and GBP/JPY on September 4

EUR/USD

Analysis:

At the end of a powerful upward wave of the European currency since the end of July, a correction structure is formed. It develops mainly in the lateral plane and resembles an expanding triangle. In addition, the wave is nearing completion.

Forecast:

Today, the general flat mood of the price movement is possible with a range between the nearest counter zones. Price growth is expected in the morning. By the end of the day, you can expect a change in the exchange rate and a price reduction. The downward movement of the price can be very intense with a breakout of the nearest support.

Potential reversal zones

Resistance:

- 1.1900/1.1930

Support:

- 1.1810/1.1780

- 1.1720/1.1690

Recommendations:

Until the current correction is completed, purchases of the euro can only be safe within the intra-session mode. We recommend selling the instrument when reversal signals appear.

USD/JPY

Analysis:

The direction of the short-term trend in the yen market is set by the bearish wave from June 5. On August 12, the last section of it started. It has been forming an incomplete correction for the entire current week.

Forecast:

Today, the bullish mood of the movement is expected to end, the formation of a reversal, and further price decline. The lower limit of the expected daily range is shown by the calculated support.

Potential reversal zones

Resistance:

- 106.30/106.60

Support:

- 105.60/105.30

Recommendations:

Trading on the Japanese currency market today is only possible within the intra-session style, with a reduced lot. Sales are safer.

GBP/JPY

Analysis:

The scale of the rising cross wave that began in March is close to the level of the weekly time frame. The trend continues. Quotes have reached the borders of another potential reversal zone. Over the past week, the price has been adjusted, creating the basis for a further break in the trend.

Forecast:

In the next trading sessions, the downward course of the last 3 days should end. Then you can wait for a reversal and the beginning of price growth. When changing the course, a short-term puncture of the lower border of the support zone is not excluded. A break above the upper zone is unlikely today.

Potential reversal zones

Resistance:

- 141.60/141.90

Support:

- 140.40/140.10

Recommendations:

There are no conditions for cross-market sales. Suitable conditions for longer-term investments. At the end of the current decline, it is recommended to track the reversal signals for buying the pair.

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 tool's movements in time!