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GBP/USD
Analysis:
The movement of the major British currency is set by the descending wave algorithm from December 13. Since the beginning of the current year, the price is adjusted. Analysis of the structure shows that this wave is not complete. On February 20, the ascending section started.
Forecast:
The current price growth will likely complete the side correction that has been going on in recent months. Today, the general upward mood of the movement is expected. In the first half of the day, there may be pressure on the support zone. The growth phase can be expected in the afternoon.
Potential reversal zones
Resistance:
- 1.3060/1.3090
Support:
- 1.2980/1.2950
Recommendations:
Until the current wave is complete, purchases of the pound can be risky. They should reduce the lot size. When the price reaches the calculated resistance area, it is recommended to look for sell signals.
USD/JPY
Analysis:
In the short term, the direction of the Japanese yen trend is set by the bullish wave from August 5. By February 20, the price reached the lower limit of the preliminary completion zone. Then there is a sharp decline in the exchange rate. The bearish section has a reversal potential.
Forecast:
There is a high probability that the current decline may be the beginning of a reversal pattern before the trend changes. In the coming trading sessions, you should expect a pullback up. After it is completed, you can wait for a return to the bearish rate.
Potential reversal zones
Resistance:
- 110.90/111.20
Support:
- 110.20/109.90
Recommendations:
Trading on the yen market today is only possible with an intraday trading style. When buying, you should reduce the lot and be ready to exit the deal at the first sign of a reversal. When the price reaches the calculated resistance, it is recommended to start tracking sales signals.
Explanations: 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 tool's movements in time!
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