22.07.202009:13 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and USD/JPY on July 22

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EUR/USD

Analysis:

The euro chart has been dominated by an upward trend since the end of March. Its last unfinished section counts down from May 7. It has a pronounced pulsed appearance. The correction that began in June became completely hidden as it formed. The price has pushed through a strong resistance level.

Forecast:

A breakout of a powerful resistance means the continuation of the upward trend of the instrument. Today, we can expect a general bullish mood of the pair's movement. In the next session, a short-term decline in the area of the support zone is possible.

Potential reversal zones

Resistance:

- 1.1600/1.1630

Support:

- 1.1510/1.1480

Recommendations:

There are no conditions for selling in the euro market today. It is recommended to track the instrument purchase signals in the area of settlement support.

USD/JPY

Analysis:

The latest wave of the Japanese yen, which is relevant for "short-term", is bearish. It counts down from June 5. Over the past month, the price has formed a complex correction in the form of a stretched plane. Its completion has not yet been confirmed. In the last 2 weeks, the price has been moving in a flat horizontal price corridor.

Forecast:

The general sideways movement is expected to continue. In the European session, you can wait for the end of the decline. By the end of the day, a reversal and the beginning of a counter rise is likely.

Potential reversal zones

Resistance:

- 107.30/106.60

Support:

- 106.50/106.20

Recommendations:

Trading the yen in the market today is possible within the intraday style. When selling, you should be careful. After the appearance of reversal signals in the area of the support zone, it is recommended to change the vector of trade transactions.

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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