USD and JPY Strong on Critical NFP Day 2015.09.04

EUR/USD

4 hour

The US Non-Farm Employment Change together with the unemployment rate will have a high impact on the movements in the Forex market. In yesterday's trading the EUR/USD broke the key support trend line (dotted green) with a strong bearish momentum candle (close near low). The Fibonacci levels are the potential targets but any movement is very depended on the news event.

1 hour

The EUR/USD is showing a potential for 2 internal waves within wave 5 (green). Currently it seems to be making a wave 4 consolidation. If the NFP sends the EUR/USD up then the alternative wave count shows a completed wave 5 (green) at the recent bottom.

GBP/USD

4 hour

The US Non-Farm Employment Change together with the unemployment rate will have a high impact on the movements in the Forex market. The GBP/USD has moved lower to the 78.6% Fibonacci target and depending on the news event could either break the falling wedge (orange/green) to the upside or continue down to the next Fib levels.

1 hour

The GBP/USD continued yet again to the bottom of the downtrend channel (green/red). The momentum remains weak and therefore the wave structure resembles an ending diagonal pattern (dark green).

USD/JPY

4 hour

The US Non-Farm Employment Change together with the unemployment rate will have a high impact on the movements in the Forex market. At the moment price is attempting to break a support trend line (dotted green) which is most likely part of wave 5 (purple).

1 hour

The USD/JPY's ABC formation (green) did not move into the price territory of wave 1 (purple line), which allows the wave count to show a wave 4 and 5 (blue) within wave 5 (purple). Price has broken below the support trend line (broken green) on the 1 hour chart.