13.07.202009:54 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, USD/JPY, and GBP/JPY on July 13

EUR/USD

Analysis:

In the dominant upward wave of the European currency since March, the last incomplete section was the correction of the last part of the wave. The structure of this downward wave lacks the final section (C). The price is located at the lower border of the strong zone of a potential reversal.

Forecast:

In the coming trading sessions, the pair is expected to start actively declining. In the first half of the day, you can expect an upward movement rate, no further than the calculated resistance. A change in the movement vector is likely by the end of the day.

Potential reversal zones

Resistance:

- 1.1360/1.1390

Support:

- 1.1280/1.1250

- 1.1190/1.1160

Recommendations:

Purchases of the euro today can be risky. It is recommended that the main attention be paid to the search for reversal signals in the area of the resistance zone for the sale of the pair.

USD/JPY

Analysis:

At the beginning of last month, the price of the Japanese yen began to form a downward correction wave. In the larger wave model, this section became a correction. The final part of the wave (C) is formed in the structure. At the end of last week, the price pushed through the level of strong support.

Forecast:

Today, the general downward mood of the movement is expected. In the European session, a short-term rise in the price is not excluded, not above the upper limit of the resistance zone. The calculated support shows the upper level of the pre-target completion zone for the entire current wave.

Potential reversal zones

Resistance:

- 107.00/107.30

Support:

- 106.30/106.00

Recommendations:

Purchases of the yen today are hopeless. In the area of the calculated resistance, it is recommended to track the instrument's sell signals.

GBP/JPY

Analysis:

Since June 8, a descending wave zigzag has formed on the pair's charts. In it, the middle part of the wave (B) is nearing completion. The calculated resistance zone shows the lower limit of the preliminary target area of the current rise.

Forecast:

Today, the general upward mood of the price movement is expected. In the next session, a short-term decline in the support zone is not excluded. An active growth phase is likely in the US session.

Potential reversal zones

Resistance:

- 136.10/136.40

Support:

- 135.00/134.70

Recommendations:

There are no conditions for selling the pair today. At the end of any downward movement, it is recommended to track the pair's buy signals.

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 tool movements in time!