USD/JPY Critical Breakout above Wave-4 Consolidation Zone

USD/JPY

4 hour

The USD/JPY indeed confirmed the wave 4 (orange) corrective structure when price broke above the resistance levels (dotted lines) as expected. Price is now moving towards the Fib targets.

1 hour

The USD/JPY indeed confirmed the wave 1-2 (green) wave structure and is now moving towards the Fibonacci targets of wave 3 (green).

EUR/USD

4 hour

The EUR/USD bounced at resistance (red) and is now ready to challenge the support (blue/green) levels. A break is needed before a wave 3 (green) continuation of the bearish trend becomes likely.

1 hour

The EUR/USD broke below the key support level (dotted green) which indicated that wave C (purple) and wave 2 (brown) were completed at the high. A break below support (blue) indicates that price could continue towards the Fibonacci levels of wave 3 (purple).

GBP/USD

4 hour

The GBP/USD is most likely building a larger retracement within a wave 4 (blue) correction, which could mean a bullish bounce at the Fibonacci levels of wave X vs W. A break below those Fib levels (blue) however could spark a continuation of the downtrend. A wave 4 (blue) typically retraces back to the 23.6-38.2-50% Fibonacci levels.

1 hour

The GBP/USD could be extending the wave 4 (blue) correction with a WXY (orange) unless price break below the Fibs and support trend line (blue). A break above the resistance (red) could see price retest higher Fibonacci levels of wave 4 vs 3 (blue).

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