04.10.201910:38 Forex Analysis & Reviews: Simplified wave analysis for October 4th. GBP/USD: bears – get ready; USD/JPY: no conditions for growth

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GBP/USD

Analysis:

On September 13, the bearish wave has been forming on the British pound chart. After the first dash down, the price rolled back upward, forming a correction (B). By the current day, the rollback structure looks complete. Since yesterday, the price forms a downward movement with high potential.

Forecast:

There is a high chance of early completion of the current bullish wave. In the coming sessions, you can expect a flat mood of movement between the nearest zones. The growth rate of the pair is likely by the end of the day.

Potential reversal zones

Resistance:

- 1.2390/1.2420

Support:

- 1.2320/1.2290

Recommendations:

Before the appearance of clear signals of a trend change, trading in British currency is shown only within the intraday. Sales conditions have not yet been created. It is recommended that you focus on pound purchases.

USD/JPY

Analysis:

The price fluctuations of the Japanese yen over the past couple of days have made changes to the preliminary wave forecast. The downward wave of September 13 was continued. Full correction is being formed to the previous segment of the trend of August 26.

Forecast:

Today, it is expected to continue the current downward trend this week. At the European session, a short upward rollback is possible, which should be replaced by a new spurt of prices down by the end of the day.

Potential reversal zones

Resistance:

- 106.90/107.20.

Support:

- 106.20/105.90.

Recommendations:

Buying the yen today will be unproductive due to the small expected move up. At the end of the upcoming lift, it is recommended that you track the selling signals of the instrument.

Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted - the expected movement.

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

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