29.10.201908:29 Forex Analysis & Reviews: Simplified wave analysis of GBP/USD and USD/JPY on October 29th

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GBP/USD

Analysis:

In the dominant upward trend of the British pound today, the final part (C) is formed. Within its framework, a completely hidden bearish correction is nearing completion. There are no signals of rate change yet. Quotes are near the upper limit of the potential reversal zone.

Forecast:

Today is probably a continuation of the current mood of the last days. In the first half of the day, a downward movement vector is expected, with an attempt to pressure the support zone. By the end of the day, the chance of a reversal and the beginning of a price rise increases.

Potential reversal zones

Resistance:

- 1.3000/1.3030

- 1.2890/1.2920

Support:

- 1.2810/1.2780

Recommendations:

It is better to refrain from trading the pound today until there are clear signals of a change in the rate. In the support area, it is recommended to monitor the instrument purchase signals.

USD/JPY

Analysis:

Since August, the formation of an upward wave of the Japanese yen continues. The price is approaching a wide area of potential reversal of a large TF. In the last 2 weeks, the price was in a sideways flat, which is close to completion.

Forecast:

In the next day, it is expected to create conditions for further price growth of the pair. In the European session, a short-term decline is likely, up to the settlement support. The increase in volatility and the beginning of the rise can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 109.30/109.60

Support:

- 108.60/108.30

Recommendations:

When selling yen today, you should be careful. Sharp price reversals are not excluded. The main attention is recommended to pay to the search for the optimal points of purchase of the pair.

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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