USD/JPY returns to broken bottom via ABC zigzag 2016.03.02

EUR/USD

4 hour

The EUR/USD is building a downtrend with clear low lows and lower highs. However, deep Fibonacci support levels could still create a pause or bullish bounce. The wave count is vulnerable to change if price breaks below these levels.

1 hour

The EUR/USD could have completed an ABC bearish zigzag (orange) down towards the wave X (purple) but a break above resistance is needed before the completion of the ABC becomes more likely.

GBP/USD

4 hour

The GBP/USD seems to have completed a wave 3 (pink). Price could now be in a wave 4 (pink) retracement. Price could find resistance at the Fibonacci levels of wave 4 vs 3.

1 hour

An ABC correction did indeed take place as part of wave 4 (pink). The question is whether the wave 4 will expand further. If so, then a WXY (blue) correction will unfold. If not, then price could break support levels and continue as part of wave 5 (pink).

USD/JPY

4 hour

The USD/JPY broke the small resistance trend line (orange dotted) and is making one more bullish push up towards the resistance levels. A bearish turn at resistance would confirm the development of a wave Y (blue) in wave X (brown).

1 hour

The USD/JPY indeed completed a bearish ABC zigzag (pink) within wave X (green). Now price could be building a bullish ABC zigzag (pink too) within another wave X (brown), which could be a resistance spot for a bearish turn.