Wave analysis of EURUSD, GBPUSD, USDJPY on June 22.
Apparently, the market is not yet ready to decline. It is likely that at the moment the upward correction wave (4) is still forming, which can take the form of a wave plane. If current setup is correct, in the near future we will see the market rise. All attention should now be paid to the OPEC summit in Vienna. However, as key players come up with opposing initiatives, and the trade agreement itself will be announced tomorrow, it is likely that we will not see very rapid movements today.
In connection with a sharp rise in prices in the last sector, it became clear that a new upward wave is forming, which can be a wave (C) of the wave plane [B]. Thus, if the assumption is true, in the near future we will see the market rise, as indicated on the chart. Given that the Bank of England has supported the pound, as well as the fact that there is a growth in quotes on the oil market, a rise in GBPUSD is more than likely today. There is a possibility that the OPEC summit will also have a positive impact on the movement of oil quotes, which will also help strengthen the British currency.
USDJPY has complicated situation. The market alternately forms those ascending or descending movements. Judging by the structure of the last section, we can assume that the wave [x] is not yet complete, and that it takes the form of a wave plane. Now the price decreases in momentum (C) of [x]. It is likely that today the downward movement will continue. Due to the lack of important macroeconomic statistics during the day, volatility may be low.
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