GBP/USD
The bearish trend dominates on the chart of the major British currency. The structure of the main wave looks fully formed. The price is in the support zone of a large scale. Since July 30, the chart develops a counter wave of correction, which lacks the final part (C).
Forecast:
Today, a common flat mood of movement is possible. In the first half of the day, an upward vector is expected. The preliminary goal of the rise is the resistance zone. By the end of the day, the pair may change to bearish.
Recommendations:
When buying a pound, you should be careful because of the likelihood of sharp reversals. The best tactic for today will be to wait for the completion of the rollback up and to look for sell signals at its end.
Resistance zone:
- 1.2130/1.2160
Support zone:
- 1.2060/1.2030
USD/JPY
On the chart of the Japanese yen, a bearish trend has been established since the end of April. The price reached a large-scale reversal zone. The upward section, which began on August 5, has a reversal potential. Because of the structure, the middle part (B) pushed down the point of the beginning of the whole wave.
Forecast:
Today, the completion of the downward section of the movement is expected. A reversal is likely in the support area, located at the lower border of a wide zone of large scale. The beginning of the upward phase of the movement should be expected by the end of the day or tomorrow.
Recommendations:
Yen sales are possible within the intraday. At the same time, it is worth considering the expectedly small downward price movement. In the area of settlement support, it is recommended to monitor the signals of purchase of the instrument.
Resistance zone:
- 105.80/106.10
Support zone:
- 105.00/104.70
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Attention: The wave algorithm does not take into account the length of time the instrument moves.