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USD/JPY Bullish Reversal Retests Fib Support Levels

March 29, 2018 08:59

USD/JPY

4 hour

The USD/JPY bullish price action broke above the resistance trend lines (red), which was a key decision zone for a bigger reversal or downtrend continuation. Price looks to choose for a bigger reversal and the bullish momentum could be (part of) a wave 1 (blue). A break below the 100% Fib level of wave 2 vs 1 indicates a likely downtrend continuation.

1 hour

The USD/JPY could be building a wave 4 (green) correction within wave 1 (blue) as long as price stays above the support trend line (blue) and 61.8% Fib.

EUR/USD

4 hour

The EUR/USD is building a strong bearish pullback after it broke below the support trend line (dotted blue). This retracement is either a wave 1-2 (see 1 hour chart) within waves 3 (blue/purple) or the alternative scenario is that price will expand the wave 4 (pink) correction via multiple ABCs (red).

1 hour

The EUR/USD could be building a wave 2 (green) pattern as long as price stays above the 100% Fib level of wave 2 vs 1 (green).

GBP/USD

4 hour

The GBP/USD seems to be expanding the wave 4 (green) retracement and is retesting the Fibonacci levels. Wave 5 (green) could retest the previous top (red), which is an area where price can temporarily pause or reverse.

1 hour

The GBP/USD could be completing a wave C (grey) of a wave 4 (green) retracement. The Fib levels of wave 4 vs 3 could act as support and bouncing levels.

Good trading,

Chris Svorcik

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