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USD/JPY Bullish Breakout above Down Trend Channel

January 20, 2017 05:00

USD/JPY

4 hour

The USD/JPY seems to have carefully broke above the resistance (dotted red) of the downtrend channel (red/green), which could be a first signal that the wave 4 (purple) correction has been completed.

1 hour

The USD/JPY has completed a 5 wave structure (brown), which most likely completed wave 1 (blue). Price will most likely use the Fibonacci levels of wave 2 vs 1 as support levels. A break below the 100% Fib invalidates the wave count.

EUR/USD

4 hour

The EUR/USD bounced at the 50% Fibonacci level of the wave X vs W and it is now approaching a trend line (red). A break above this resistance could see price move up towards the 78.6% Fibonacci retracement of wave 2 vs 1. Any price action above the 100% level invalidates the wave 2 (brown).

1 hour

The EUR/USD is expanding the correction via a WXY (green). Within wave Y (green) price could potentially build a zigzag.

GBP/USD

4 hour

The GBP/USD could be building a larger ABC zigzag (blue) and hence the Fibonacci levels of wave B vs A could act as support levels. The wave C (blue) Fibonacci levels could be targets.

1 hour

The GBP/USD broke above multiple resistance levels (dotted red). A break below support (blue) would make a wave 3 (orange) unlikely and a larger correction within wave B is probable. Price could retest the Fib levels of wave B vs A.

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