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GBP/USD
Analysis:
The direction of the short-term trend of the British pound is set by the descending wave algorithm. It completes a larger-scale correction. The ascending section from May 18 entered the final phase. The price has reached an intermediate resistance.
Forecast:
The most likely scenario for the pair's movement today will be a sideways movement in the corridor between the opposite zones. In the first half of the day, the downward movement is expected to be completed. Further, a reversal and price rise to the resistance area is possible. After that, you can wait for a second reversal and a deeper decline in the price.
Potential reversal zones
Resistance:
- 1.2360/1.2390
Support:
- 1.2280/1.2250
Recommendations:
Trading on the pound market today is possible within the intraday, according to the expected sequence of movements. It is safer to reduce the trading lot.
USD/JPY
Analysis:
The major of the Japanese yen since May 6 forms an upward section of the movement. The wave completes a larger bullish model and has a pulse-like structure. In the last decade, the price moves in a sideways corridor, along the lower border of a strong resistance zone.
Forecast:
Today, the sideways movement of the price is expected to continue in the formed price corridor. After an attempt to pressure the support zone, the price is expected to turn and move up.
Potential reversal zones
Resistance:
- 107.90/108.20
Support:
- 107.30/107.00
Recommendations:
The best solution for your deposit is to refrain from entering the market of this pair. It is necessary to wait for the completion of the bearish correction. Supporters of the intra-session style can make short-term transactions from the borders of the price corridor.
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 dotted ones show the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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