USD/JPY Downtrend Breaks Support Line and Challenges 110

July 31, 2017 04:30

USD/JPY

4 hour

The USD/JPY downtrend broke below the support trend line (dotted green) and could continue towards the Fibonacci targets of wave 5 (orange). The 110 round level is also a potential support level where price could build a bullish retracement.

1 hour

The USD/JPY bearish breakout could be extending the wave 5 (orange) as long as price stays below resistance (red/orange). A break above the bottom of wave 1 (orange line) invalidates wave 4 after wave 3 (grey) is completed.

EUR/USD

4 hour

The EUR/USD remains in a bullish trend as long as price stays above the support trend lines which are indicated by green and blue. A break below the support could indicate the completion of wave 3 (green) and the start of wave 4 whereas a break above resistance (red) could see price challenge the Fibonacci targets of wave 5 (orange).

1 hour

The EUR/USD could be building a larger 5 wave (grey) extension within wave 5 (orange). At the moment, price is building a potential correction via an ABC (purple) within wave 2 (grey).

GBP/USD

4 hour

The GBP/USD is making a bearish pullback that is testing the support trend line (blue) within a wave 5 (purple) of wave 3 (blue).

1 hour

The GBP/USD could be expanding the retracement within wave 2 (green). A break above the resistance trend line (red) could see a continuation of wave 3 (grey) whereas a break below the 100% Fibonacci level of wave 2 vs 1 invalidates the bullish wave pattern.

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