USD/JPY Bounces at Support and Builds Contracting Wedge 2015.05.01

EUR/USD

4 hour

The EUR/USD continued with its uptrend yesterday and pushed towards a resistance point (red line). Although further extensions can never be ruled out, it seems more probable that the wave W (magenta) has been completed.

1 hour

The 1 hour chart has a slight rising wedge chart pattern when looking at the support (light green) and resistance (orange) trend lines. This reversal pattern is also occurring at resistance (red).

GBP/USD

4 hour

The GBP/USD is approaching support trend lines (blue). If price bounces at supports and continues with the uptrend then the wave count will be changed to an impulsive count. For the moment, however, the wave count has marked the completion of W (grey) of the bigger wave B (black).

1 hour

This week's bullish momentum was expected but at the moment the GBPUSD could be making a bearish ABC zigzag correction (magenta).

USD/JPY

4 hour

The USD/JPY bounced at the support trend line (green) which could be an early indication that the wave 4 (brown) correction will turn out to be a contracting wedge (ABCDE magenta).

1 hour

Yesterday's bullish momentum could be part of an ABC (green) correction.