USD/JPY Bullish Break has Fibonacci Targets at 120 and 121 2016.12.21

USD/JPY

4 hour

The USD/JPY is in an uptrend but price is building a bearish retracement called a contracting triangle chart pattern. A break above the resistance level (red) could see price continue towards the Fibonacci targets.

1 hour

The USD/JPY seems to be building a wave 1 and 2 (green) within the uptrend. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets.

EUR/USD

4 hour

The EUR/USD downtrend remains intact as price stays below the resistance (red) and broken bottoms (dotted green). However, price has not been able to move away from the support zone and a wave 3 (brown) only becomes more likely when the 100% Fibonacci level of wave 3 vs 1 is broken.

1 hour

The EUR/USD bearish breakout below support (green) could see price continue with the downtrend. For the moment a larger and expanded wave 4 (purple) correction seems to be taking place via an ABC (blue).

GBP/USD

4 hour

The GBP/USD downtrend could be building a retracement within wave 4 (blue). A break today below the bottom of the current wave 3 (blue) could indicate that price is still continuing within wave 3 (blue).

1 hour

The GBP/USD Fibonacci levels of wave 4 (blue) should act as resistance spots for a potential bearish turn.

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