GBP/USD
Analysis:
The main wave of the British pound has been developing a downward wave since December 13. Given the potential of the first part of the movement, the wave can become a correction of the entire main wave. At the beginning of this year, the final part (C) started. Since yesterday, it has been forming a bullish pullback.
Forecast:
Over the next day, the general upward mood of the movement is expected, until its completion in the area of calculated resistance. A short-term decline is possible in the next session.
Potential reversal zones
Resistance:
- 1.3120/1.3150
Support:
- 1.3040/1.3010
Recommendations:
Today, for supporters of intra-session trading, it is possible to buy the pound with a reduced lot. The most reasonable tactic for today is to refrain from entering the pair's market during the pullback. In the area of the resistance zone, it is recommended to track the pair's sell signals.
USD/JPY
Analysis:
In the dominant upward wave of the Japanese yen for the last six months, the corrective part of the movement (B) ended 2 days ago. The price rise from January 8 showed a high potential for the beginning of an upward movement. The price achieved a strong resistance to the older TF.
Forecast:
A price correction is expected in the next sessions. The most likely character of the movement will be "sideways" along the lower borders of the resistance zone. The option of a short-term decline to the support zone is not excluded. The resumption of price growth is expected at the end of the day or the beginning of the next trading week.
Potential reversal zones
Resistance:
- 109.60/109.90
Support:
- 109.10/108.80
Recommendations:
Selling a pair can be very risky. It is wiser to refrain from entering the market until the end of the upcoming decline and try to enter long positions at the end of it.
Explanations: 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.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!