GBPUSD & USDJPY Break Trend Lines and Expand Corrections 2015.12.27

EUR/USD

4 hour

The EUR/USD is in a corrective sideways zone marked by support (green) and resistance (red).

1 hour

The EUR/USD has a support (green) and resistance (orange) trend line nearby. A break above resistance could see price continue higher as part of wave 5 (blue).

GBP/USD

4 hour

The GBP/USD could be building an ABC (pink) correction within a potential wave 4 (blue).

1 hour

The GBP/USD broke above resistance (dotted orange) as part of a bigger bullish bounce.

USD/JPY

4 hour

The USD/JPY remains in a consolidation territory as long as price stays in between support and resistance (red/blue). In the meantime price is breaking below a support trend line (dotted green) which seems to be occurring due to an ABC zigzag (blue).

1 hour

The USD/JPY is in a downtrend channel after breaking support. Price seems to be in a bearish momentum, which is probably a wave 3 (green).