The USD/JPY bullish price action broke above the resistance trend lines (red), which was a key decision zone for a bigger reversal or downtrend continuation. Price looks to choose for a bigger reversal and the bullish momentum could be (part of) a wave 1 (b
The GBP/USD seems to be expanding the wave 4 (green) retracement and is retesting the Fibonacci levels. Wave 5 (green) could retest the previous top (red), which is an area where price can temporarily pause or reverse.
Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts. More education, analytics, articles, and webinars can be found daily on Admiral Markets.
The EUR/USD is testing the resistance trend line (red). A bullish break could start a potential wave 3 (blue) of 3 (purple) whereas a break below the support zone (green) could indicate a larger trend change.