USD/JPY Uptrend Retraces Back To Broken Resistance

EUR/USD

4 hour

The EUR/USD bearish price action bounced at the major support levels (green lines) from the long-term time frame charts. A bullish retracement is probably occurring within a larger downtrend, which has been labelled as a wave 2 (brown). A bearish break below support (green) should see price continue lower within a wave 3 (green)

1 hour

A bullish bounce is indeed creating a retracement within wave 2 (brown). The Fibonacci levels are expected to act as resistance, but a break above the 100% level invalidates the wave 1-2 (brown) count. A break above resistance could see price continue to the 50% Fib. A failure to break the support (green) could see a wave B (purple) develop.

GBP/USD

4 hour

The GBP/USD needs to break below the support trend line (green) before a larger wave 3 (blue) within wave 5 is possible. A break above the 100% level of wave 2 vs 1 invalidates the current wave count.

1 hour

The GBP/USD broke above the resistance trend lines (dotted) with strong momentum which has been labelled as a wave c (purple). The Fibonacci levels could act as resistance but a break above the 100% level invalidates the structure.

USD/JPY

4 hour

The USD/JPY uptrend showed a new higher high after breaking resistance (dotted red). Price is now building a bearish retracement and could use the previous tops as a potential support level (green). If price does bounce then the Fibonacci levels could act as targets.

1 hour

The USD/JPY is most likely in a wave 4 (brown) correction but a break below support (green) does invalidate this wave count. Once the wave 4 has been completed, an uptrend continuation for wave 5 continuation is expected.