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02.02.202209:55 Forex Analysis & Reviews: EUR/USD, USD/JPY, GBP/JPY, GOLD simplified wave analysis and outlook for February 2

EUR/USD

Analysis:

The direction of the euro price movement since early 2021 is set by the algorithm of the descending wave. Currently, the structure of the wave looks complete. The price has reached the lower boundary of the large scale support zone. The upward movement from January 28 has a reversal potential. If it is confirmed, a new upward wave will form.

Outlook:

Today, the price movement to a sideways plane is likely in the first half of the day. A decline to the support zone is possible. Resumption of price growth with a breakout of the nearest resistance boundaries is likely at the end of the day or tomorrow.

Potential reversal zones.

Resistance:

- 1.1380/1.1410

- 1.1290/1.1320

Support:

- 1.1230/1.1200

Recommendations:

Today, conditions for selling on the euro market are unfavorable. It is recommended not to enter the pair's market until there are confirmed signals for buying in the area of calculated support

Exchange Rates 02.02.2022 analysis

USD/JPY

Analysis:

The current upward wave of the Japanese yen dates has been forming since November 30, 2021. The analysis of its structure shows that the beginning of the final part (C) has been developing since January 14. The price has been rolling back downward within its framework since the end of last week.

Outlook:

The price is likely to decline in the next 24 hours. A flat is possible in the European trading session. A short-term rise to the resistance area is likely. The resistance zone runs along the upper border of the preliminary target zone.

Potential reversal zones.

Resistance:

- 114.90/115.20

Support:

- 114.10/113.80

Recommendations:

Buying of the Japanese yen is premature until the current downtrend is completed. It is recommended to monitor signals to sell the pair in the area of the calculated resistance zone.

Exchange Rates 02.02.2022 analysis

GBP/JPY

Analysis:

On the chart of the GBP/JPY pair, the last ascending section from January 24 is highly significant for trading. On the daily chart, it forms the beginning of the final part of the incomplete wave from November 26. Currently, the price has reached the level of intermediate resistance.

Outlook:

The price of the GBP/JPY pair is most likely to move in a sideways direction in the trading sessions. A downward rebound to the support area is possible. Resumption of price growth is likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 156.10/156.40

- 155.10/155.40

Support:

- 154.50/154.20

Recommendations:

Today, selling of the GBP/JPY pair may lead to losses. It is recommended not to enter the market until there are confirmed buying signals at the end of the downward pullback.

Exchange Rates 02.02.2022 analysis

GOLD

Analysis:

A daily scale ascending wave is forming in a sideways plane on the gold chart. It has a pronounced flat direction. At the moment, the structure of the wave is not complete. At the end of the two-week pullback from January 28, the quotes form an ascending section with a reversal potential.

Outlook:

A downward movement with overall flat direction of the quotes is likely in the next 24 hours. A formation of the reversal and resumption of the price growth is further possible in the area of the calculated support.

Potential reversal zones

Resistance:

- 1810.0/1815.0

Support:

- 1790.0/1785.0

Recommendations:

Today, the conditions for trading in the gold market are unfavourable. It is recommended not to enter the market until formation of signals for buying in the support area.

Exchange Rates 02.02.2022 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 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!

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Isabel Clark,
Analytical expert of InstaSpot
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