FX.co ★ Simplified wave analysis and forecast of GBP/USD and USD/JPY for March 15

GBP/USD

Analysis:

Within the framework of the dominant upward trend in the British pound market, the direction of short-term movements is set by the correction wave of February 24. In its structure, the middle part (B) is nearing completion.

Forecast:

On the next day, the upward mood of the movement is expected to end, the formation of a reversal and the beginning of the price move down. In the event of a breakout of the nearest support, the decline will continue further, up to the next settlement zone.

Potential reversal zones

Resistance:

- 1.3970/1.4000

Support:

- 1.3850/1.3820

- 1.3670/1.3640

Recommendations:

Until the end of the entire current wave, buying the pound is risky and can be unprofitable. It is recommended to track the signals for selling the instrument in the area of the calculated resistance.

USD/JPY

Analysis:

The trend direction of the Japanese yen chart in the short term is set by the rising wave from January 6. The wave has a pronounced impulse character. The pair's quotes have reached the lower limit of a strong potential reversal zone. There are no signals of a change in the course on the chart yet.

Forecast:

Today, the general upward movement vector is expected to continue. In the next session, there is a high probability of a short-term pullback to the support area. Active price growth can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 109.50/109.80

Support:

- 108.80/108.50

Recommendations:

The sale of the Japanese yen today is possible in a fractional lot within the next sessions. We recommend that you focus on searching for buy signals. The potential for price growth is limited by the calculated resistance.

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.

Attention: The wave algorithm does not take into account the duration of the tool movements in time!