USD/JPY arrives at support trend line and 61.8% Fib level 2016.08.01

EUR/USD

4 hour

The EUR/USD was not able to break below the various support levels (green) and instead started a bullish bounce. The break of resistances (dotted lines) has started a strong rally but the wave outlook bearish as long as price stays below the 100% Fibonacci level of wave 2 vs 1, which is the invalidation level.

1 hour

The EUR/USD has developed a bullish ABC (green) zigzag.

GBP/USD

4 hour

The GBP/USD is building a contracting triangle (red/green). The breakout will decide whether the Cable is bullish or bearish. Price is either in a bearish 123 (pink) or in a bigger ABC retracement (purple).

1 hour

A bearish correction could see support kick in at the Fibonacci levels of wave 'X vs W'. A break of the 100% level of wave X vs W is needed before the wave 2 (green) could be ready. A break above the 100% Fibonacci level of wave 2 vs 1 invalidates the bearish wave count.

USD/JPY

4 hour

The USD/JPY bearish correction took price down to the Fibonacci levels of wave 'X vs W'. Price seems to be respecting the 61.8% Fibonacci level.

1 hour

The USD/JPY could have completed a correction at the Fibonacci levels but a confirmation of a bullish turnaround occurs when price has made a clear lower high or bullish break above the resistance trend lines (orange).

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