GBP/USD in Wave 4 and USD/JPY in Triangle 2015.12.02
EUR/USD
4 hour
The EUR/USD showed a bullish bounce yesterday from the 138,2 support Fib but price is now at a resistance level (orange) of the downtrend channel. This is a break or bounce for the EURUSD. A bullish break could see price retrace higher as part of wave Y (blue).
1 hour
The EUR/USD upside could be the first part of a bullish momentum, which has for the moment been marked as a wave A (green). A break of the support trend line (green) could also indicate the continuation of the downtrend, although the wave B Fibs could be potential support levels.
GBP/USD
4 hour
The GBP/USD has many support (greens) and resistance (reds) nearby. The invalidation level of the current wave 4 (pink) is marked by the horizontal red level.
1 hour
The GBP/USD is building a correction within wave 4 (pink). Price has already retraced back to the 23,6 percent Fibonacci level, which together with the 38,2 Fib are typical Fibs for 4th waves.
USD/JPY
4 hour
The USD/JPY is close to resistance levels, which offer a break or bounce zone. For the moment the wave count is indicating that price is in a wave X (blue) unless price manages to break above the 100 percent Fibonacci level.
1 hour
The USD/JPY failed to show to a bearish 5 wave pattern and price has been building a contracting triangle pattern instead. The wave count reflects the triangle pattern and indicates that price could potentially make at least 1 more lower high and higher low.