24.09.201910:23 Forex Analysis & Reviews: Simplified wave analysis as of September 24th. USD/JPY: correction continues; GBP/USD: bulls – get ready

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GBP/USD

Analysis:

The upward wave of the British pound counts down from July 30. The last section from September 3 develops as an impulse. Within its framework, since the end of last week, a correction is formed in the form of a stretched plane. There are no reversal signals on the chart

Forecast:

The preliminary calculation of the wave target indicates the beginning of the 128th figure as a reference point. The completion of the current correction is likely in the current day. In the coming sessions, the formation of a reversal and the beginning of price growth is expected.

Potential reversal zones

Resistance:

- 1.2490/1.2520

Support:

- 1.2420/1.2390

Recommendations:

Sales of the pound today have very limited potential. It is optimal to wait for the completion of the entire correction and start searching for entry points into long positions for this pair.

USD/JPY

Analysis:

The direction of the short-term trend of the yen is set by the upward wave from August 6. The wave completes the larger bullish wave construction of the daily TF.

Forecast:

The preliminary potential of price growth is estimated at least 2 price figures from the current rate. The general downward vector of movement is expected in the next sessions. In the first half of the day, the pressure on the resistance zone is likely.

Potential reversal zones

Resistance:

- 107.70/108.00

Support:

- 107.00/106.70

Recommendations:

Today, yen purchases have little potential. It is safer to lower the lot and close the deal at the first sign of a reversal. The main attention is recommended to be paid to the search of the instrument sale signals.

Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure for determining the expected movement.

Attention: The wave algorithm does not take into account the length of time the tool moves!

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