FX.co ★ Simplified wave analysis of the GBP / USD and the USD / JPY on November 28

GBP / USD

Analysis:

The main wave of the British pound is rising, it has been counting since August. The wave has powerful potential. The entire current month quotes formed a correction along with the strong resistance. And the ascending section of November 22 has a potential of a reversal.

Forecast:

In the coming trading sessions, the probability of a "side" is high. In the morning, the completion of the rise and the formation of a U-turn are expected. A downward movement vector can be expected by the end of the day.

Potential U-Turn Zones

Resistance:

- 1.2950 / 1.2980

Support:

- 1.2890 / 1.2860

Recommendations:

Trading in the pound market today is possible only within the framework of intraday. Sales are more promising, and after the upcoming decline is completed, it is recommended to track the pair's buy signals.

USD / JPY

Analysis:

On the chart of the Japanese yen, a medium-term bullish wave is developing. The rising wave has reached the lower boundary of the potential reversal zone. By the beginning of November, a hidden correction was formed, and a new section started at the main rate.

Forecast:

In the near future, it is expected to change course. Since the wave structure does not show completeness, the upcoming price decline will not exceed the correction level. The scope of the diurnal course is limited by the estimated support.

Potential U-Turn Zones

Resistance:

- 109.50 / 109.80

Support:

- 108.90 / 108.60

Recommendations:

Today, couples are selling on the market, and their signals are worth looking after the appearance of a course change confirmed by your vehicle. Purchases, on the other hand, should be postponed until the correctional decline is completed.

Explanations: In a simplified wave analysis (UVA), the waves are composed of 3 parts (ABC). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted which is the expected movement.

Attention: The wave algorithm does not take into account the length of time the instrument moves in time!