21.04.202009:56 Forex Analysis & Reviews: Simplified wave analysis of GBP/USD and USD/JPY for April 21

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GBP/USD

Analysis:

The direction of the price movement of the British pound since March 18 is set by an upward wave. Its structure lacks the last segment in the emerging part (C). The decline that began a week ago has the form of a descending pennant and is close to completion. The price is within the estimated target zone.

Forecast:

Today, we can expect the end of the pullback, the formation of a reversal and the beginning of a price rise. A short-term break of the lower support limit is not excluded. A change in rate is more likely at the end of the day.

Potential reversal zones

Resistance:

- 1.2480/1.2510

Support:

- 1.2400/1.2370

Recommendations:

Selling the pound today can be very risky. It is recommended to track reversal signals to find the instrument purchase points.

USD/JPY

Analysis:

Since March 20, a downward correction of the trend section of March 9 has been formed on the chart of the Japanese yen. The wave is not finished. It lacks the final section. In recent days, the price has moved along the lower border of the strong resistance of the senior TF.

Forecast:

Today will most likely be the continuation of the mood of the last days. The current downward movement is expected to end in the next trading session. Then you should wait for the change of the movement vector and the beginning of the price rise.

Potential reversal zones

Resistance:

- 107.80/108.10

Support:

- 107.00/106.70

Recommendations:

Trading on the pair market today is only possible within the intraday style. In the first half of the day, the pair's sales will be relevant. When turning, you should change the direction of transactions. It is better to reduce the trading lot today.

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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