Daily Wave Analysis for 8 January 2015 2015.01.08

4 hour EURUSD:

Although the EURUSD is in various wave 5’s, it is possible that the wave count will become extended as divergence on the oscillator is not yet present.

60 min EURUSD:

The wave 5 (purple) is behaving quite choppily so the best is probably to keep an eye on the various trend lines to see where price can bounce or break.

GBPUSD

4 hour GBPUSD:

If the GBPUSD completed the wave 3 (green) impulse, then a wave 4 (green) consolidation will most likely take price up the 38.2% Fibonacci retracement level.

60 min GBPUSD:

The GBPUSD is falling within a downtrend channel (purple lines).

USDJPY

4 hour USDJPY:

The USDJPY is in a bearish corrective mode which would complete wave 4 (magenta).

60 min USDJPY:

The uptrend channel (green trend lines) could be part of a wave B (blue).