09.07.202010:14 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, USD/JPY, and GBP/JPY on July 9

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EUR/USD

Analysis:

The direction of the price movement of the European currency since the beginning of June is set by a flat corrective wave. To date, its structure has not been completed. The price is close to the upper limit of the price range formed last month.

Forecast:

In the next trading sessions, the end of the upward movement, a reversal and a price decline are expected. A break through the lower border of the support zone is unlikely today.

Potential reversal zones

Resistance:

- 1.1360/1.1390

Support:

- 1.1280/1.1250

Recommendations:

For euro purchases today, the expected growth potential is small. It is recommended to refrain from entering the market. After the formation of reversal signals, the pair may be sold with a reduced lot.

USD/JPY

Analysis:

The incomplete wave on the Japanese yen chart is counting down from June 5. It completes a larger downward correction wave. The structure lacks the final part (C). The price has been moving mainly in the lateral plane for the last decade.

Forecast:

Today, the price is expected to continue moving in the formed price corridor between the nearest counter zones. The descending vector is expected to be completed in the next session. By the end of the day, you can expect a reversal and a second attempt to climb.

Potential reversal zones

Resistance:

- 107.80/108.10

Support:

- 107.10/106.80

Recommendations:

Selling the yen today may be risky and is not recommended. The main attention is offered to search for buy signals in the area of settlement support.

GBP/JPY

Analysis:

Since mid-March, the direction of the British cross trend looks to the "North" of the chart. Since June 8, the price has adjusted downward. Over the past two weeks, the quotes have rolled up, forming an intermediate pullback of the wrong type. This wave is close to completion.

Forecast:

Today, the overall upward movement of the pair is expected. In the first half of the day, a short-term decline in the area of the support zone is not excluded. An active growth phase is more likely in the US session.

Potential reversal zones

Resistance:

- 136.30/136.60

Support:

- 135.20/134.90

Recommendations:

There are no conditions for selling the pair today. All attention is given to the search for signals of a move to long positions.

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 arrows shows the formed structure, and the dotted ones show the expected movements.

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

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