Daily Wave Analysis for 22 April 2014 2014.04.22

EURUSD

Price could be making a retracement within an uptrend (blue trend line) for a wave B (purple) of a bigger wave Y (red).

4 hour chart EURUSD:

The wave B (purple) could be completed at any of the Fibonacci retracement levels. A break (green arrow) above the resistance (magenta) could occur today or this week.

60 min chart EURUSD:

GBPUSD

Five waves could have been completed during the last push up, unless extensions of the uptrend will occur.

4 hour chart GBPUSD:

Also on the hourly chart 5 waves in the last 5 waves could have been completed with divergence (red line on AO).

60 min chart GBPUSD:

USDJPY

The recent price action has been choppy and corrective which could be explained by the fact that price is part of wedge (WXYXZ) to complete a wave X and now is making a wave Y (green).

4 hour chart USDJPY:

For the moment price is building a slow and corrective channel to the upside (purple).

60 min chart USDJPY: