4 hour EURUSD:
The EURUSD has pushed above the down trend channel (orange) but did not manage to break last week’s high (red). It remains to be seen whether waves 5 (blue and magenta) are completed or whether the bullish momentum is a retracement for more downtrend.
60 min EURUSD:
The bullish momentum could be explained by a 5 wave (magenta) belonging to a bigger correction (ABC blue).
GBPUSD
4 hour GBPUSD:
The start of wave 5 (blue) has been choppy and corrective. A break of resistance could indicate that waves 5 (red and blue) have already been completed.
60 min GBPUSD:
The GBPUSD remains below last week’s weekly high.
USDJPY
4 hour USDJPY:
Japanese elections will be held on Sunday which could have a major impact on the Japanese currency for the rest of the week and during the weekend.
60 min USDJPY:
The USDJPY is most likely in wave X (purple) correction of wave 4 (magenta).