Daily Wave Analysis for 3 April 2014 2014.04.03

EURUSD

Yesterday’s price action was bearish, which increases the odds of it being a wave X (blue).

4 hour chart EURUSD:

Potential break outs (green & red arrows) could occur above yesterday’s daily high (purple trend line) or below daily low (purple line).

60 min chart EURUSD:

GBPUSD

The GU has bounced off of the bottom of a daily uptrend channel and seems to have completed a wave 1 (green).

4 hour chart GBPUSD:

A breakout (red and green arrows) could take place in both directions.

60 min chart GBPUSD:

USDJPY

Price is either completing a 5th wave (blue numbers) or an extended wave 3.

4 hour chart USDJPY:

Price is progressing nicely in the uptrend channel but it has ready broken a trend line (purple) and is now close to a potential target.

60 min chart USDJPY: