Daily Wave Analysis for 5 January 2015 2015.01.05

4 hour EURUSD:

The EURUSD wave 3 (purple) is very impulsive and was able to break through the psychological round 1.20 level.

60 min EURUSD:

The bearish price action could extend to the lower Fibonacci levels before a wave 4 correction (purple) should be expected.

GBPUSD

4 hour GBPUSD:

The GBPUSD broke through the consolidation and thereby completed the very lengthy wave 4 (blue) consolidation.

60 min GBPUSD:

Price is now falling towards the Fibonacci targets.

USDJPY

4 hour USDJPY:

If the USDJPY is able to break through the resistance trend line (orange), then the current wave count might be changed for one where wave 4 (magenta) is already completed.

60 min USDJPY:

Price is building a wedge with price bouncing back and forth between support (green) and resistance (orange).