USD/JPY wave structure indicates bearish retracement within uptrend 2016.12.08

EUR/USD

4 hour

The EUR/USD turned at the 38.2% Fibonacci support level of wave B (purple). The bullish zigzag could price towards the Fib levels of wave C (purple) and wave 2 (green) but a break above the 100% level invalidates the wave count.

1 hour

The EUR/USD could extend the wave C (purple) with an internal 5 wave (blue) if price manages to break above the previous top. A break below the support trend line (green) could still be a retracement within wave B (purple).

GBP/USD

4 hour

The GBP/USD break of the rising wedge saw the start of bearish momentum which has been labelled as a wave 1 (blue). The wave 2 (blue) pullback could turn at the Fibonacci levels but a break above the 100% invalidates the wave count.

1 hour

The Cable could built an ABC zigzag within wave 2 (blue).

USD/JPY

4 hour

The USD/JPY uptrend is showing a larger correction and consolidation zone. A break above resistance (red) could see price continue higher towards the Fib targets of wave 3 (brown). A break of support (green) could see a larger retracement develop towards previous bottoms (light green).

1 hour

The USD/JPY could be building a wave 2 (brown) but a break below the 100% invalidates the wave structure. A break above resistance (red) could see price head towards the Fib targets of wave 3 (borwn).

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