The USD/JPY indeed made a bullish bounce at the wave 4 (purple) and broke above the resistance (dotted orange) of the falling wedge chart pattern. Now price is challenging the larger resistance trend line (red). A bullish breakout would be part of a wave 3 (blue) within wave 5 (purple).
The USD/JPY broke the resistance (dotted orange) of the triangle chart pattern and is showing strong bullish momentum. The bullish price action could last within the channel (red/green lines). A break below that channel could start a wave 4 (brown) correction and price could bounce at the Fibonacci levels of wave 4 vs 3. A break below the trend line (green) and the 50% Fib would make a wave4 unlikely.
The EUR/USD is close to a break or bounce decision zone at a support trend line (blue). A bullish bounce could see a larger wave 2 (blue) develop whereas a bearish breakout could see wave 3 (purple) continue.
The EUR/USD is most likely building an ABC (green) zigzag within wave 2 (blue) unless price breaks below the bottom (green line).
The GBP/USD is building an ABC (blue) correction within wave 4 (purple). The support (blue) and resistance (red) trend lines are critical for a potential breakout towards the larger support (green) or resistance (brown).
The GBP/USD could have built a leading diagonal (grey 5 waves) within wave 1 (purple) but a break below the 100% level invalidates that structure. A break above resistance (red/orange) trend lines is needed before a wave 3 (purple) becomes more likely.
Follow @ChrisSvorcik on twitter for latest market updates