USD/JPY’s 124.50 Resistance Converts into Wave Support 2015.08.06

EUR/USD

4 hour

The EUR/USD made a bullish bounce at the daily support trend level (green) which most likely completes wave X (brown).

1 hour

The EUR/USD made a bullish rebound yesterday (marked as wave A) and then failed to set a lower low which could be explained by a wave B (lavender). A bullish breakout above resistance (orange) could see wave C push to the Fib targets.

GBP/USD

4 hour

The GBP/USD made a similar rally as the EUR/USD yesterday and retested the resistance (orange and red). The GBP/USD remains stuck in a range with support and resistance nearby.

1 hour

The bullish momentum could be considered a wave A (magenta) which could form an ABC zigzag correction.

USD/JPY

4 hour

The USD/JPY broke the ascending wedge chart pattern when it pushed above the resistance (dotted red) trend line. The bullish break could be part of an ABC correction (brown). The alternative is a renewed start of the former uptrend (see waves 5 on the left).

1 hour

The USD/JPY could be building a bullish 5 wave (blue) unless price breaks below the support confluence point of the top of the wave 1 (blue) and the broken resistance point (dotted red).