Daily Wave Analysis for 3 February 2015 2015.02.03

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 61.8% target of wave 5 is near a bigger monthly bottom (green horizontal) and could act as a strong support.

60 min GBPUSD: the Cable could have completed its smaller 4^th retracement wave (purple) and is therefore perhaps falling for a wave 5 (purple).

USDJPY

4 hour USDJPY: the USDJPY is in large triangle formation, which is best indicated by the trend lines (red and green).

60 min USDJPY: the most likely wave count suggests that price is in a bearish correction of wave Y (red).