USD/JPY Reverse and Bounce at 124.50 Resistance Top 2015.07.31
EUR/USD
4 hour
The EUR/USD is re-testing the weekly bottom (green) which could provide support for a 2nd rally / bounce.
1 hour
The EUR/USD reached a confluence of Fibonacci target and retracement levels, which could provide support for a bullish retracement or rally. Typically a wave C does not extend past the 161.8% Fib level so a break below the wave C (blue) bottom could change the wave count.
GBP/USD
4 hour
The GBP/USD price action remains relatively choppy with the wedge trend lines narrowing in resistance (red) and support (green).
1 hour
The ABC zigzag (magenta) could complete at the Fibonacci targets and retracement levels of wave C and wave X. There is also an ascending wedge pattern (flat top, rising bottom) visible when taking the trend line support (green) and resistance (red) into account. A bullish breakout could indicate the start of the wave Y (green).
USD/JPY
4 hour
The USD/JPY failed to break above the top (red) which means that the price movement could be part of a wave X (lavender) of a bigger WXY correction within wave B (brown).
1 hour
The USD/JPY is approaching support trend levels (green), which will provide information about a potential bounce or break.