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Can USD/JPY Continue with Downtrend After Bounce at 50% Fib?

February 23, 2018 08:38

USD/JPY

4 hour

The USD/JPY bounced at the resistance zone and is now building a lower high. Price will need to break below support (green) before a bearish breakout is likely.

1 hour

The USD/JPY is testing a resistance trend line (red). A bearish bounce could see price continue with the downtrend whereas a bullish breakout could indicate a bigger reversal.

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the support zone of the previous wave W (blue) bottom. A bullish breakout above the resistance trend line (red) confirms the potential start of a bullish wave 5 (purple) but one more push lower could occur to test the green support.

1 hour


The EUR/USD could be developing a bullish reversal unless breaks below the 100% Fibonacci level.

GBP/USD

4 hour

The GBP/USD bounced at the long-term support trend line (blue) and is now retesting a resistance trend line (red). Price will need to break the S&R before a new trend can become visible.

1 hour

The GBP/USD bounced at the bottom of the channel and has arrived at the top of the channel. Price is now at a bounce or break spot.

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