24.09.202009:21 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and GBP/JPY on September 24

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EUR/USD

Analysis:

The downward correction of the euro that started at the end of July continues its formation, despite the completeness of its structure. The pair's quotes are approaching the lower edge of a strong potential reversal zone. There are still no reversal signals.

Forecast:

Today, the price is expected to move in the corridor between the nearest counter zones. In the first half of the day, a short-term rise in the area of the calculated resistance is possible. Then you can wait for a return to the main rate with an attempt to put pressure on the support zone.

Potential reversal zones

Resistance:

- 1.1710/1.1740

Support:

- 1.1620/1.1590

Recommendations:

Until there are clear reversal signals, the priority is to sell the euro. The limited potential of the current decline should be taken into account when trading.

GBP/JPY

Analysis:

The large scale of the September decline made us reconsider the wave structure of the dominant bullish wave from March 18. The current downward section completes the entire shifting downward plane from June 5. There is still a chance of further lengthening of the wave down. There are no signals of a change of course.

Forecast:

A price pullback is likely in the next trading session. By the end of the day, you can expect a return to the main vector of movement. If you break through the borders of the nearest support, you can wait for a stop in the area of the next settlement zone.

Potential reversal zones

Resistance:

- 134.40/134.70

Support:

- 133.30/133.00

- 132.10/131.80

Recommendations:

There are no conditions for purchases on the pair's market. In the area of the calculated resistance, it is recommended to track signals for selling 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 background shows the expected movements.

Note: The wave algorithm does not take into account the duration of the instrument's movements in time!

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