USD/JPY Bullish Breakout Approaches Key 112.50 Resistance

USD/JPY

4 hour

The USD/JPY broke above the resistance of the bearish channel (dotted red). The bullish breakout could indicate the completion of wave 2 or wave B (purple) as well. The key levels are the Fibs of wave X (pink) because a bearish bounce could see price fall towards the 61.8% at 110. Strong bullish momentum makes a wave X (pink) unlikely.

1 hour

The USD/JPY is either in a wave C (blue) or wave 3. A wave C is more likely if price stops at the 38.2% or 50% Fibs of wave X vs W. A key resistance level is also the 112.50 round figure.

EUR/USD

4 hour

The EUR/USD bearish retracement has reached the support trend line (blue) which is a bullish bouncing spot. For the moment a larger wave 2 correction (pink) seems likely.

1 hour

The EUR/USD completed 5 bearish waves (blue) which could be part of a larger wave A (purple). A bullish ABC (blue) could see price test the Fib levels of wave B (purple).

GBP/USD

4 hour

The second GBP/USD bullish breakout is showing strong momentum which could be part of a larger wave 5 (orange). The bullish price action is at a new bounce or break spot. A bearish bounce could see price retest the broken resistance (dotted red) and 50% Fibonacci of wave 2 vs 1.

1 hour