01.05.202010:58 Forex Analysis & Reviews: Simplified wave analysis of GBP/USD and USD/JPY on May 1

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GBP/USD

Analysis:

The direction of the major trend of the British currency is set by the upward wave from March 18. On April 21, the final part of the wave (C) started. After yesterday's breakout of the resistance zone, the price forms an intermediate correction in the lateral plane.

Forecast:

In the first half of the day, a flat movement along the support zone is possible. Pressure on the zone, with a short-term puncture of its lower border, is not excluded. By the end of the day, it is expected to return to the upward course and rise to the area of the resistance zone.

Potential reversal zones

Resistance:

- 1.2630/1.2660

Support:

- 1.2550/1.2520

Recommendations:

There are no conditions for selling the British pound today. It is recommended to track reversal signals in the support zone to find entry points to long positions.

USD/JPY

Analysis:

The rate of movement of the major Japanese yen in the last month and a half was directed downward. A correction wave (B) was formed, which is now close to completion. The ascending section from April 29 has a reversal potential. This may be the beginning of a new trend wave.

Forecast:

Today, the price is expected to move in the corridor between the nearest counter zones. A pullback is likely in the European session. The start of the ascent can be expected by the end of the day.

Potential reversal zones

Resistance:

- 107.60/107.90

Support:

- 106.90/106.60

Recommendations:

Trading on the pair's market today is only possible within the intraday style. When selling, you should be careful. After the appearance of reversal signals, it is recommended to focus on finding points of purchase of the pair in the area of settlement support.

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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