Overview of GBP / JPY with the current day forecast
On the chart of the British pound in a cross pair against the Japanese yen, the upward wave, which sets the trend direction, reached the zone of the potential reversal. Regardless of the future prospects, at this price level, the pair needs to work out a counter wave design.
The downward wave, which began last month, has a sufficiently high wave level, exceeding the size of the rollback of the last segment of the trend. It is likely that this site forms the first part of the reversal structure before the start of a larger bearish wave.
After yesterday's decline, the price was fixed at the level of intermediate support.
Today, at the nearest trading session, one can expect the flute tone of the oscillations, possibly with an ascending vector. At the end of the day, against the backdrop of the release of important news blocks, a sharp increase in the volatility and the course of the pair downwards, to settlement support, is expected.
The boundaries of the resistance zones:
- 147.90 / 148.20
The boundaries of the support zones:
- 147.00 / 146.70
Overview of #USDX (US dollar index) with a forecast for the current day
The graph of the US dollar index, after a period of continuous decline from the beginning of the year, is corrected throughout the past month. The calculation of the potential of motion shows the proximity of the completion of the current wave. The quotations of the dollar last week reached the lower limit of the potential reversal zone. The probability of changing the rate from these levels of the schedule is very high.
Yesterday's recovery of the course introduced a missing element into the wave structure. In the near future, you can expect the appearance of signals on the chart changing direction.
Today, a more realistic scenario will be the continuation of the current course, with a decrease in its intensity. In the morning, there may be a short-term drop, not further than the support zone. At the end of the day, important news on the US economy is expected to exit, which may cause a sharp increase in volatility. The upper limit of the calculated reversal area of the chart is within the resistance zone.
The boundaries of the resistance zones:
- 94.40 / 50
The boundaries of the support zones:
- 93.90 / 80
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. On each considered time frame the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted line indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.