USDJPY breaks massive triple bottom without losing bearish momentum 2016.04.07

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the support trend line (green) and is now moving towards the Fibonacci targets of wave C vs A. Price also has strong daily resistance levels nearby (reds) and the psychological round level of 1.15, which could cause price to pause or retrace.

1 hour

The EUR/USD turned at the 38.2% Fibonacci level of wave B (blue) after which it broke the triangle resistance (dotted orange) for a bullish breakout. Price indeed seems to have completed the expected wave B (blue) and is now in a wave C (blue).

GBP/USD

4 hour

The GBP/USD tried to break the support of the triangle (green) but failed to substantially break and only posted a slight intra 4 hour push below the trend line. The subsequent bullish engulfing twin candle stick pattern shows that a bullish bounce at support could be possible. In that scenario, a ABC (green) zigzag completes wave X (pink).

1 hour

The GBP/USD broke the small triangle yesterday (dotted dark green) and made one more bearish fall. The rebound however looks impulsive as well and has been therefore labeled as a wave A (green). If the bullish zigzag takes place then the Fibonacci levels of wave B and C (green) could turn out to be key levels.

USD/JPY

4 hour

The USD/JPY made a pullback to the triple bottom (dotted green) and then showed a bearish turn for a continuation of the downtrend.

1 hour

The USD/JPY completed the wave 4 (pink) as mentioned yesterday and broke the contracting triangle (orange, dotted green) for a bearish breakout and continuation of wave C (blue). Price could continue with moving towards lower Fibonacci targets, especially if bear flag patterns emerge.