Daily Wave Analysis for 2 February 2015 2015.02.02
4 hour EURUSD: the EURUSD is building a sizeable consolidation as part of wave 4 (purple) with an invalidation level at the bottom of wave 1 (purple).
60 min EURUSD: price action has slowed down considerably on the lower time frames and a contracting triangle (trend lines) is being built.
GBPUSD
4 hour GBPUSD: the GBPUSD has broken through the support trend line (green), which could signal the start of a wave 5 (green). A bigger monthly bottom (green horizontal) is however nearby and could act as a strong support.
60 min GBPUSD: the Cable could have completed its smaller 3rd bearish wave (purple) and has retraced for a wave 4 (purple) correction.
USDJPY
4 hour USDJPY: the USDJPY price action is very choppy and is building a triangle formation (red and green trend lines).
60 min USDJPY: the most likely wave count suggests that price is in a bearish correction of wave Y (red).