Wave analysis of GBP/USD, USD/JPY, EUR/JPY for January 15

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Wave analysis of GBP/USD, USD/JPY, EUR/JPY for January 15

Wave analysis of GBP/USD, USD/JPY, EUR/JPY for January 15

GBP/USD

Analysis:

As a result of a prolonged uptrend, the pound sterling reached the lower limit of a powerful potential reversal zone. The last unfinished section of the trend started on December 21. In its structure, the first parts (A-B) are formed, the final part (C) is developing. Before edging higher, the price needs to enter the correctional phase.

Forecast:

Today the pair is expected to complete the pullback that has been lasting for two days. It is most likely a sideways movement between the nearest oncoming zones. By the end of the day, the pair may try to break through the resistance zone.

Potential reversal zones

Resistance:

– 1.3700/1.3730

Support:

– 1.3620/1.3590

Recommendations:

To open short deals on the pound sterling is risky today. It is recommended to refrain from entering the market during the correction and look for buy signals.

Wave analysis of GBP/USD, USD/JPY, EUR/JPY for January 15

USD/JPY

Analysis:

The wave, which is relevant for the short-term scale of the Japanese yen chart, began on November 9 last year. Since the middle of last month, a counter correction has been developing. Its structure looks complete. The bearish section, which started on January 11, has a reversal potential. It can be the beginning of a new wave.

Analysis:

In the current day, the pair is expected to continue the sideways movement that began the day before yesterday. After the pressure on the support zone, you can expect a reversal and rise to the resistance zone.

Potential reversal zones

Resistance:

– 104.10/104.40

Support:

– 103.50/103.20

Recommendations:

Trading the yen today is possible only within the sessions, with a reduced lot. Ir is recommended to open long deals on the pair.

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EUR/JPY

Analysis:

The trajectory of the short-term trend of the euro-yen pair is set by the rising wave from May 7 last year. The final part (C) is formed in the wave structure. Within its framework, a complex horizontal correction has been developing in the last six weeks. The price is at the lower edge of a strong potential reversal zone.

Forecast:

Today, a downward movement is expected, up to the full completion of the current wave. At the end of the day, you can wait for the beginning of a new rise. If the pair rises, a short-term breakthrough of the lower support border is possible.

Potential reversal zones

Resistance:

– 126.20/126.50

Support:

– 125.50/125.20

Recommendations:

Today it is recommended to open short deals in the cross-market with s smaller lot within the sessions. It is necessary to take into account the limited potential of the downward movement. There have been no signals for long deals yet.

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Explanation: In simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The background of the arrows demonstrates the formed structure; the dotted ones show the expected movements.

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

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/268183/