Bullish Break of USD/JPY Concludes Wave E and Triangle 2015.05.20

EUR/USD

4 hour

The EUR/USD made a drop to lower levels after the break of support (light blue). Both the 38.2% at 1.11 and the 50% Fib at 1.10 are potential support levels.

1 hour

The strong bearish impulse on EUR/USD could only be one part of a bigger bearish zigzag (ABC purple).

GBP/USD

4 hour

The GBP/USD is slowly retracing to lower levels and could expect to find support at the Fibonacci retracement levels (B vs A).

1 hour

The GBP/USD also dropped quickly yesterday and stopped at the 50% Fibonacci level. I am keeping an eye on the trend lines to judge whether wave C (magenta) is completed or whether downside can continue.

USD/JPY

4 hour

The USD/JPY broke above the wave D and wave B resistance points (magenta) which indicates that a triangle (ABCDE) cannot be active anymore. The bullish price action has therefore been labeled as a 123 so far.

1 hour

The USD/JPY is extending wave 3 (magenta) with internal sub waves.