EURUSD Triangle Break & USDJPY Lower High 2016.01.14

EUR/USD

4 hour

The EUR/USD is approaching a resistance trend line (orange) which could be considered a break or bounce spot. A bullish break could see price head higher to the next Fibonacci targets and resistance (red).

1 hour

The EUR/USD did not break the bottom of wave B (purple), bounced at support (green) and broke inner resistance (dotted yellow). A break below green would change the current wave count to a WXY correction.

GBP/USD

4 hour

The Bank of England has a major news event today which will highly impact the GBP currency. GBP/USD is showing a sideways correction at the 61.8% Fibonacci target. A larger bullish correction would still price hit heavy resistance at the previous bottom (purple) and trend lines (red).

1 hour

The GBP/USD is showing a smaller contracting triangle, which probably is part of wave 4 (blue).

USD/JPY

4 hour

The USD/JPY is near the daily support levels (blue), which could cause price to show a bullish bounce. At the moment the wave count is showing the potential for a lower high as wave X (brown).

1 hour

The USD/JPY has reached the 61.8% Fibonacci level of wave X (brown).