GU Extends Descend and UJ Prolongs Contracting Wedge 2015.09.24

EUR/USD

4 hour

The EUR/USD is showing bullish 4 hour candles which could indicate that wave 1 (brown) has been completed and price is retracing for wave 2 (brown). Price has already hit the 38.2% Fib but on average waves 2 retrace deeply.

1 hour

The EUR/USD had a volatile trading day yesterday with many ups and downs. Ultimately the bulls wrestled control and thereby finished wave 5 (purple) and went for a wave A (purple). At the moment the bearish retracement could be a larger ABC correction.

GBP/USD

4 hour

The GBP/USD kept its bearish momentum yesterday and fell from the 100% Fib target down to the 161.8% level.

1 hour

The purple line indicates the invalidation level of the dark green bearish 5 waves. A break above that most likely means that wave 3 (pink) has been completed.

USD/JPY

4 hour

The USD/JPY seems to have extended its contracting triangle and the wave E (purple).

1 hour

Currently a choppy WXY correction (blue) seems to unfolding within the triangle.