USD/JPY Breaks Key Support and Develops Bearish Wave 3

USD/JPY

4 hour

The USD/JPY broke below the support line (dotted blue), which invalidated the previous wave count and indicates a potential downtrend. Price seems to have built an ABC (green) in a larger wave 4 (blue) and could be in an impulsive breakout.

1 hour

The USD/JPY could be building a wave 3 (green) momentum.

EUR/USD

4 hour

The EUR/USD is retesting the resistance trend line (red) and a bullish break could start a potential wave 3 (blue) of 3 (purple). A break below the support zone (green) could indicate a larger trend change.

1 hour

The EUR/USD seems to have completed 5 bullish waves (green) which could complete a wave 1 (blue). An ABC correction (green) could now take place within wave 2 (blue). A break above the trend line at 138.2% Fib increases the chance of a bullish breakout.

GBP/USD

4 hour

The GBP/USD seems to have completed a wave 3 (green) and could now be building a wave 4 (green) retracement.

1 hour

The GBP/USD could use the Fibonacci levels of wave 4 (green) as support.

Good trading,

Chris Svorcik

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