GBP/USD and USD/JPY Downtrends Display Lower Lows 2016.01.11

EUR/USD

4 hour

The EUR/USD showed a bullish bounce as it retraced lower, which seems likely to be a wave B (purple). Price is probably in wave C (purple) is now testing the resistance trend line (orange).

1 hour

The EUR/USD could be making a 5 wave pattern (blue) within wave C (purple).

GBP/USD

4 hour

The GBP/USD downtrend is accelerating within the wave 5's (pink/blue) and heading lower towards Fibonacci targets.

1 hour

The GBP/USD is most likely in a wave 4 or 5 (blue) unless price breaks above the bottom of wave 1 (blue).

USD/JPY

4 hour

The USD/JPY downtrend remains strong as long as price remains below the resistance trend line (orange). Price is approaching new support levels (blue) from a daily chart.

1 hour

The USD/JPY completed an ABC (pink) correction within wave 4 (green) and is now heading lower within wave 5.