Wave analysis of EURUSD, GBPUSD, USDJPY on November 21.
The construction of the downward corrective wave (iv) continues, which has been transformed into a double three. It should be noted that the development of correction (iv) is delayed, and it has practically no room for further development. Accordingly, we will either see the price increase in the impulse (v) in the near future, or the other likely scenario will be another movement in the price, likely downward. Today there are no important news that could give the market new strength. A smooth and gradual price movement is expected.
In accordance with previous expectations, the market has moved upwards. It is not excluded that the construction of an upward wave has began (3). It should be noted that today at 10:00 GMT the quarterly report of the Bank of England on inflation, which could significantly affect the nature of the price movement, will be published. Inflation is very important news for the foreign exchange market, and investors today will closely monitor the press release of the British regulator.
For USDJPY, we saw an upward movement in the last section, which is an upward correction wave [b]. It is very likely that today the rise of the currency will continue, and after the completion of correction [b], we will see a new downward impulse [c]. Important news are not expected today, so it is assumed that the market will move in a calm manner.
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