GBP/USD
Analysis:
An incomplete bearish wave that is relevant for the short-term scale starts on September 1. It has been forming a flat correction in the last 4 weeks. There are no signals of its completion on the chart yet. Since October 14, a downward movement has started, which has a reversal potential. This may be the beginning of the final section of the main wave (C) or a new middle part of the current correction.
Forecast:
A general downward trend is expected in the next 24 hours. In the European session, you can expect a short-term rise, not higher than the calculated resistance. The active phase of the movement is more likely at the end of the day.
Potential reversal zones
Resistance:
- 1.2920/1.2950
Support:
- 1.2810/1.2780
Recommendations:
Until the current wave pattern is clarified, trading in the pound market is possible within the intra-session style. It is recommended to look for sell signals in the area of the calculated resistance.
USD/JPY
Analysis:
On the chart of the Japanese yen above the H1 timeframe, a "sideways" can be traced. The last short-term wave started on September 21. It forms a correction in the form of a stretched plane. Since October 14, a movement with a reversal potential has gone up. This may be the beginning of a new wave on the main course.
Forecast:
The next day is expected to complete the downward movement of the price, reversal, and the beginning of the price rise. The boundaries of the expected price corridor indicate the calculated zones.
Potential reversal zones
Resistance:
- 105.80/106.10
Support:
- 105.20/104.90
Recommendations:
Trading on the yen market today is only possible within the intraday. The pair's purchases are more promising.
EUR/JPY
Analysis:
A downward correction is forming on the large TF of the currency pair euro/yen. For the current day, it has the form of shifting planes. From October 9, the beginning of the final part (C) of the main wave is formed downwards. The price has reached the intermediate support.
Forecast:
Today, the pair's chart shows the most likely sideways movement in the range between the nearest counter zones. An upward movement is likely in the first half of the day. By the end of the day, you can expect a reversal and a repeated decline to support.
Potential reversal zones
Resistance:
- 123.80/124.10
Support:
- 123.10/120.80
Recommendations:
Small lot purchases are possible today, however, it is quite risky. It is optimal to wait until the upcoming pullback is completed outside the market and enter the pair's sales at its end.
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 one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements in time!