17.06.202009:34 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, USD/JPY, and GBP/JPY on June 17

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EUR/USD

Analysis:

An upward wave has been forming on the euro chart since March. In its structure, the final part (C) has been developing since May 7. For the last 2 weeks, the price has been drifting sideways along the strong resistance of a large TF, forming a correction.

Forecast:

Today, the price is expected to move mainly in the lateral plane. In the European session, you can expect the price to move down, with pressure on the support zone. By the end of the day, the probability of a change in the exchange rate and a price rebound increases.

Potential reversal zones

Resistance:

- 1.1310/1.1340

Support:

- 1.1230/1.1200

Recommendations:

Trading the euro in the market today is possible only with an intraday trading style, with a reduced lot. It is safest to wait for the end of the current decline and enter long positions after the reversal signals.

USD/JPY

Analysis:

The direction of the short-term trend of the Japanese yen is set by the algorithm of the downward wave from March 20. The wave is corrective, in the form of a shifting plane. On June 5, its last section started. Within its framework, an intermediate correction has been formed sideways in recent days.

Forecast:

Most of the current day is expected to be flat. At the end of the day, the probability of a reversal and the beginning of an active decline increases. In the event of a breakout of the nearest support zone, the next level will become the target of the decline.

Potential reversal zones

Resistance:

- 107.40/107.70

Support:

- 106.80/106.50

- 106.00/105.70

Recommendations:

There are no conditions for buying a pair today. In the area of the calculated resistance, it is recommended to track reversal signals to enter short positions on this instrument.

GBP/JPY

Analysis:

Fluctuations in the price chart of the pair since the end of March form a downward shifting correction of a large scale. On June 5, its final part started. The price forms an intermediate correction over the past 6 days.

Forecast:

Today, you can expect price movement in the side corridor between the nearest counter zones. In the first half of the day, a rise in the resistance area is likely. By the end of the day, the chance of changing the exchange rate and lowering the price increases.

Potential reversal zones

Resistance:

- 135.40/135.70

Support:

- 134.30/134.00

Recommendations:

Today, trading in the pair's market can be risky. Short-term transactions are possible within the intra-session trading style and the priority is sales.

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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