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24.01.202210:11 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, GOLD and forecast for January 24

EUR/USD

Analysis:

The trend direction of the European currency since the beginning of last year is set by the descending wave algorithm. Over the past two months, the price has been forming a corrective plane. The price decline that began on January 13 completed this structure, giving rise to the next section at the main rate. Since last week, the price has been forming an intermediate pullback.

Forecast:

In the next day, the price is expected to continue moving sideways. At the end of the day or tomorrow, near the upper limit of the price corridor, you can expect a reversal and a resumption of the price decline.

Potential reversal zones

Resistance:

- 1.1360/1.1390

Support:

- 1.1290/1.1260

Recommendations:

There are no conditions for purchases on the euro market today. In the area of the calculated resistance, it is recommended to monitor the reversal signals for the sale of the instrument.

Exchange Rates 24.01.2022 analysis

USD/JPY

Analysis:

Bullish trend sentiment dominates on the large scale of the chart of the major pair of the Japanese yen. The unfinished section has been counting since November 30 last year. Within its boundaries, the price has been adjusted downwards in the last three weeks, forming the middle part (B). Judging by its structure, this movement has entered the final phase.

Forecast:

A general downward course of price movement is expected in the coming trading sessions. In the first half of the day, short-term price growth is not excluded, no further than the resistance zone. The calculated support runs along the upper border of a strong potential reversal zone of a large timeframe.

Potential reversal zones

Resistance:

- 114.00/114.30

Support:

- 113.30/113.00

Recommendations:

Today, in the yen market, it is recommended to focus on the sales of the instrument. When calculating MM, it is necessary to take into account the limited potential of the upcoming decline.

Exchange Rates 24.01.2022 analysis

GBP/JPY

Analysis:

The market of the pound versus yen cross pair has been dominated by an upward trend over the past year and a half. There are no signs of its imminent completion. The unfinished section of the main course started at the end of November last year. The price has been rolling down from the large-scale resistance zone in the last 3 weeks, forming a corrective part.

Forecast:

The general bearish rate of price movement is expected to continue the next day. Short-term growth is possible at the European session, no further than the resistance zone. The calculated support shows the upper boundary of the nearest target zone.

Potential reversal zones

Resistance:

- 154.40/154.70

Support:

- 153.30/153.00

Recommendations:

There are no conditions for purchases on the pair market today. At the ends of all upward movements, it is recommended to monitor the signals of your used vehicles to sell the pair.

Exchange Rates 24.01.2022 analysis

GOLD

Analysis:

A corrective ascending plane is forming on the gold chart. The wave structure does not look complete. The unfinished section of the rising wave, from January 6. Since the end of last week, the price within its framework forms an intermediate pullback.

Forecast:

In the first half of the day today, a flat movement mood is likely, with the price moving along the calculated support zone. At the end of the day or tomorrow, you can expect a reversal and a resumption of price growth.

Potential reversal zones

Resistance:

- 1855.0/1860.0

Support:

- 1830.0/1825.0

Recommendations:

It is recommended to refrain from entering the instrument market until there are clear signals to buy in the settlement support area.

Exchange Rates 24.01.2022 analysis

Explanations: 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 one shows the expected movements.

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

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

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