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31.03.202009:53 Simplified wave analysis of GBP/USD and USD/JPY as of March 31

GBP/USD

Analysis:

As a result of a two-week price rise, the British pound quotes reached the lower limit of a strong reversal zone. The price started forming a counter correction. The reversal wave structure on the chart is just being formed.

Forecast:

Today, the price movement is expected to be mostly sideways. After a possible attempt to pressure the support zone, you can expect a reversal and the beginning of price growth. A short-term break up to the far resistance zone is not excluded. At the end of the day or tomorrow, there is a high probability that the price will start to decline.

Potential reversal zones

Resistance:

- 1.2510/1.2540

- 1.2390/1.2420

Support:

- 1.2300/1.2270

Recommendations:

Until clear reversal signals appear, it is safest to refrain from trading. Purchases are only possible within the intraday style. It is better to accompany transactions because of the probability of a sharp increase in volatility and a change in the exchange rate.

Exchange Rates 31.03.2020 analysis

USD/JPY

Analysis:

The direction of strength for the short-term trend of the Japanese yen is set by the upward wave from March 9. Since March 20, the price forms the correction part (B). Quotes have reached the upper limit of the large-scale support zone. There are no reversal signals on the chart yet.

Forecast:

Today, the pair's price is expected to move mainly in the side corridor between the nearest counter zones. After an attempt to pressure the resistance zone, then a reversal and the beginning of a decline in the exchange rate is likely.

Potential reversal zones

Resistance:

- 108.60/108.90

Support:

- 107.80/107.50

- 106.80/106.50

Recommendations:

Until the appearance of unambiguous signals of a reversal in the market, the pair's sales are relevant. The best entry points to trades are located in the area of the calculated resistance.

Exchange Rates 31.03.2020 analysis

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 arrows shows the formed structure and the dotted line shows the expected movements.

Note: The wave algorithm does not take into account the duration of the tool movements in time!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Isabel Clark,
Analytical expert
InstaForex Group © 2007-2020
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