USD/JPY bearish breakout expands wave B correction to 61.8% Fib 2016.08.16

EUR/USD

4 hour

The EUR/USD is testing the resistance trend line (red) of a larger contracting triangle chart pattern (ABCDE brown). A bullish breakout could see price move towards the wave E (green) of wave 4 (blue).

1 hour

The EUR/USD needs to break support (green) or resistance (red) trend lines before momentum can be expected.

GBP/USD

4 hour

The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave (pink).

1 hour

The GBP/USD is building a neat downtrend channel (trend lines). A break above the channel and 100% Fibonacci level invalidates wave 2 (green).

USD/JPY

4 hour

The USD/JPY broke below the support tend line (dotted greens), which confirms the bearish wave structure. Price seems to have space to fall towards the Fibonacci levels with main target at the 61.8% Fibonacci level of wave B vs A.

1 hour

The USD/JPY seems to be building a wave 3 breakout.

Follow @ChrisSvorcik on twitter for latest market updates