Positive NFP Fuels USD/JPY Breakout and EUR/USD Zigzag 2015.06.08

EUR/USD

4 hour

The Non-Farm Payroll (NFP) event caused the US Dollar to strengthen on Friday and price fell towards and stopped at the 61.8% Fibonacci retracement level.

1 hour

The EUR/USD could still be in a wave 4 (purple) as long as price does not break lower below the support levels and especially below the top of wave 1 (purple).

GBP/USD

4 hour

The GBP/USD made a bearish bounce at the resistance line due to the NFP event but price has not broken the bottom of wave X (grey) which means that a bullish ABC (blue) is still a possibility.

1 hour

In general the support (green) and resistance (red) trend lines seem to be the most important. The GBP/USD will need to break the trend line before a wave count can be confirmed.

USD/JPY

4 hour

The USD/JPY eventually bounced off of support trend lines (green and channel) for a continuation of the uptrend.

1 hour

Price broke above the resistance trend line (orange) and could now been in an impulsive wave 3 (green).