FX.co ★ Simplified wave analysis and forecast for GBP/USD and USD/JPY on November 13

GBP/USD

Analysis:

On the chart of the British pound, the price movements of the last three months form a flat upward wave. It can end the correction phase of a larger wave model or be the beginning of its next trend part. In the structure of this movement, a complex correction in the form of a shifting plane is nearing completion.

Forecast:

The pair's overall downward mood is expected today. In the European session, a short-term rise in the price to the resistance area is possible. Higher or lower volatility is likely by the end of the day.

Potential reversal zones

Resistance:

- 1.3150/1.3180

Support:

- 1.3060/1.3030

Recommendations:

Before the end of the current downward wave, the pound may be sold in a reduced lot. After the reversal signals appear in the area of settlement support, you should track the signals for buying the pair.

USD/JPY

Analysis:

The upward section of the chart from November 6, which started from strong support, has a powerful reversal potential. The price has reached an intermediate resistance, from which a correction has been formed in recent days.

Forecast:

In the next 24 hours, the price is likely to move sideways between the opposite zones. In the first half, a downward vector is more likely. You can expect a change in the exchange rate and a price rise at the end of the day or the beginning of the next week.

Potential reversal zones

Resistance:

- 105.30/105.70

Support:

- 104.60/104.30

Recommendations:

Today, trading is only possible within the intraday with a reduced lot, according to the expected sequence. It is safer to refrain from entering the pair's market until buy signals appear.

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!