logo

FX.co ★ Simplified wave analysis and forecast for GBP/USD and USD/JPY on November 20

Simplified wave analysis and forecast for GBP/USD and USD/JPY on November 20

GBP/USD

Analysis:

Since March of this year, the British pound has been on an upward trend. Its unfinished section started on September 10. For the entire past month, a correction of the wrong type has been formed in its structure. It lacks the final part (C).

Forecast:

A general upward trend is expected over the next day. In the next session, a short-term decline is possible, no further than the support zone. At the end of the day, in the area of the estimated resistance, you can wait for the completion of the entire current rise.

Potential reversal zones

Resistance:

- 1.3330/1.3360

Support:

- 1.3230/1.3200

Recommendations:

Trading on the pound market today is possible within the intraday. Before the emergence of a clear reversal signal, the pair's purchases are more promising. It is wiser to reduce the lot.

analytics5fb774b76b17d.jpg

USD/JPY

Analysis:

The price decline from November 9 exceeded the wave level of correction of the previous upward section, giving rise to a new wave along with the main trend. Quotes have reached the upper limit of the support zone for a large TF. Before continuing the decline, you need to work out a correction.

Forecast:

Today, the pair's price is expected to move sideways. After trying to put pressure on the support zone, you can expect a reversal and price growth, up to the calculated resistance. Then you should wait for a return to the main exchange rate.

Potential reversal zones

Resistance:

- 104.30/104.70

Support:

- 103.70/103.40

Recommendations:

Until the upcoming growth of the exchange rate is completed, trading on the yen market may be unprofitable. It is recommended to refrain from entering the pair's market and sell the pair at the end of the rise.

See also: InstaForex is the official sponsor of FC Borussia Dortmund. Open an account and start trading with a trusted broker.
analytics5fb774c91c557.jpg

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!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account