Simplified wave analysis and forecast for GBP/USD, USD/JPY, and EUR/JPY on September 17

Trading 17 sept 2020 Donner votre avis

GBP/USD

Analysis:

Since March of this year, the English currency quotes have been forming an upward trend. Since June 30, a corrective stretched plane has been developing in the unfinished section in the last 2 months. By the coincidence of several signs, this wave is complete. The ascending section from September 10 has a reversal potential. Since yesterday, the price has been rolling back down.

Forecast:

Today, the price is expected to move in the corridor between the nearest zones. In the European session, a short-term rise to the resistance zone is possible. Then you can count on a reversal and the price movement to the support area.

Potential reversal zones

Resistance:

- 1.2980/1.3010

Support:

- 1.2870/1.2840

Recommendations:

Selling the pound today is risky and can only be used with a reduced lot during the session. We recommend that you focus on finding buy signals at the end of the upcoming decline.

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USD/JPY

Analysis:

On the chart of the Japanese yen, a counter correction has been forming within the framework of the dominant downward wave for the last six months since the end of July. The wave develops mainly sideways. In its structure, the average part (B) is formed in the last month. Two days ago, it extended downwards. The calculated support is located at the upper edge of the strong reversal zone of the senior TF.

Forecast:

Today, the pair's downward course is expected to end. In the second half of the day, you can expect the formation of a reversal and the beginning of a price rise. If the exchange rate changes, a short-term puncture of the lower support border is not excluded.

Potential reversal zones

Resistance:

- 105.30/105.60

Support:

- 104.60/104.30

Recommendations:

Before the formation of reversal signals, it is possible to sell the pair in a small lot. It is worth considering the limited potential of the current decline. By the end of the day, purchases may become relevant.

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EUR/JPY

Analysis:

The Euro-Japanese yen cross chart has been dominated by an upward wave since spring. It brought the quotes into a strong large-scale reversal zone. From August 13, the price forms a correction. Its final section from September 10 moves the price of the pair downward.

Forecast:

Today, the general downward course of the pair's movement is expected to continue. In the European session, a short-term pullback to the resistance area is possible. The active phase of decline is more likely by the end of the day.

Potential reversal zones

Resistance:

- 123.80/124.10

Support:

- 122.90/122.60

Recommendations:

Today, trading is only possible within the intraday with a reduced lot. There are no conditions for purchases. At the end of the rollbacks, we recommend selling the pair.

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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 background shows the expected movements.

Note: 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

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