USD/JPY Bullish Trend Channel to Challenge 115 Resistance

USD/JPY

4 hour

The USD/JPY continues higher in an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines. Price is moving towards the Fib targets of wave 5 (brown). The next bullish target would be 115, which is a major round resistance level.

1 hour

The USD/JPY bounced at the 38.2% Fibonacci support level of wave 4 (grey). A break above resistance (red) could see price challenge the Fibonacci targets of waves 5.

EUR/USD

4 hour

The EUR/USD break of the support trend line (dotted blue) could indicate the start of a bearish 1-2 wave count (brown). Once wave 1 is completed, the EUR/USD could setup a bullish retracement that challenges the Fibonacci resistance levels of wave 2.

1 hour

The EUR/USD is building a bearish channel (green/red) as part of the wave 5 (blue) of wave 1 (brown).

GBP/USD

4 hour

The GBP/USD is trending higher in a bullish channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.

1 hour

The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (green) could start a bearish reversal.

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