09.10.202010:17 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD and USD/JPY on October 9

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GBP/USD

Analysis:

The incomplete upward wave of the British pound has been reporting since March. This is the momentum that recently completed a hidden correction. The last section in the direction of the trend started on September 10. The wave creates conditions for the beginning of an active price rise.

Forecast:

In the coming day, prices are expected to move in the corridor between the nearest zones. A downward trend is more likely in the European session. You can expect to try again at the end of the day or the beginning of the next week. We should prepare for high volatility.

Potential reversal zones

Resistance:

- 1.2970/1.3000

Support:

- 1.2890/1.2860

Recommendations:

Selling the pound can be very risky, thus, it is not recommended. The main attention is supposed to be paid to the search for signals to buy the pair. It is better to lower the trading lot.

USD/JPY

Analysis:

Since August 12, the Japanese yen major chart has been forming a downward wave. In the last 3 weeks, the price is adjusted and rolling back upward. The quotes are approaching the lower limit of the preliminary target zone. The correction structure is close to completion.

Forecast:

In the current day, the price growth of the pair is expected, the formation of a reversal and the beginning of the price move down. In the European session, a short-term decline in the support area is possible.

Potential reversal zones

Resistance:

- 106.30/106.60

Support:

- 105.70/105.40

Recommendations:

Until a clear downside reversal signal appears, selling the yen is premature. Short-term purchases are possible. At the same time, it is necessary to take into account the limited lifting potential.

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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