Fibonacci and wave targets for GBPUSD, USDJPY breakouts 2016.04.12

EUR/USD

4 hour

The EUR/USD is still moving sideways in between strong layers of support (green) and daily resistance (red). The current wave count favors one more bullish push to complete wave C (blue) of larger wave Y corrections.

1 hour

The EUR/USD price action remains choppy and any wave count is vulnerable to change. For the moment an ending 5 wave diagonal (overlapping waves) could be completing wave C.

GBP/USD

4 hour

The GBP/USD broke above the resistance trend line (dotted red) for a continuation of waves Y (pink, blue). Price might struggle at one of the Fibonacci levels and/or resistance trend line (orange).

1 hour

The GBP/USD broke above the triangle formation (dotted red) with decent bullish momentum. The current bearish retracement is moving correctively, which subscribes to the characteristics of a wave 4 (blue). A break below the 78.6% Fibonacci level invalidates such a wave 4 (blue).

USD/JPY

4 hour

The USD/JPY is struggling with breaking the most recent bottom (purple). Price could be using the support level for a bullish bounce and a break above resistance (dotted red). The wave 4 (green) retracement levels, however, still remain as potential resistance spots.

1 hour

The USD/JPY break below support (green) could indicate the completion of wave 4 (green) and start of wave 5. A break above the 50% Fibonacci makes a wave 4 less likely.