Daily Wave Analysis for 7 April 2014 2014.04.07

EURUSD

Price stopped at the 61.8% Fibonacci retracement level and seems to be close to support (green and blue).

4 hour chart EURUSD:

Price is moving in a down trend channel (purple) and has positioned itself in a bounce (green arrows) or break spot (red arrows).

60 min chart EURUSD:

GBPUSD

The GU is approaching the 50 and 61.8% Fibonacci retracement levels of a potential wave 2 (green) and the bottom of the daily uptrend channel (blue) again.

4 hour chart GBPUSD:

Price is at a potential break (red arrows) or bounce (green arrows).

60 min chart GBPUSD:

USDJPY

Price seems to have completed 5 waves and could now be ready for making an ABC correction (orange).

4 hour chart USDJPY:

This chart shows that wave B could stop at many Fibs. The targets are usually the 100% and 161.8% levels.

60 min chart USDJPY: