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USD/JPY Downtrend Continues after Breaking Support and Completing Wave-4

March 02, 2018 09:16

USD/JPY

4 hour

The USD/JPY completed a wave 4 (blue) and is confirming a wave 5 (blue) pattern with its bearish break below the support trend lines (dotted blue). A bearish continuation towards the 105 round level now seems likely.

1 hour

The USD/JPY could be building bearish wave 3 (green) pattern.

EUR/USD

4 hour

The EUR/USD bounced at the larger support zone around 1.22 which is indicated by the green lines. Price is now challenging the resistance trend lines. A bullish break could start a new uptrend whereas a bearish break below support makes a wave 4 (pink) less likely.

1 hour

The EUR/USD could be building 5 bullish waves (blue) if price manages to break above the resistance line (red).

GBP/USD

4 hour

The GBP/USD is testing the support at the 61.8% Fibonacci level. This Fib is a new bounce or break spot. A bearish break invalidates the wave 4 (green) pattern.

1 hour

The GBP/USD bearish momentum yesterday is most likely a wave 3 (blue), unless price breaks above the bottom of the wave 1 (red line). A lower low could create divergence and complete 5 waves (blue).

Good trading,

Chris Svorcik

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