The EUR/USD made a bearish turn yesterday at the previous wave 4 (blue) and 38.2% Fibonacci level. Price continued its downtrend and broke below the support trend line (dotted green). A bearish trend continuation could complete wave 5 (purple).
The bearish breakout below support (dotted green) has been labeled as a wave 3 (green). The potential wave 4 (green) correction must not cross above the bottom of wave 1 (green) or else it invalidates the current wave count.
The GBP/USD’s recent price action has been primarily sideways with momentum taking place in both directions. The support (green) and resistance (orange) trend lines mark the boundaries of the current consolidation.
At the moment the wave formation is labeled as a deep wave 2 (green) pull back. The GBP/USD price action invalidates the current wave 1-2 structure (pink) if it manages to break above the resistance line (brown) and 100% Fib levels.
The USD/JPY is again near the resistance zone within the wider range (brown/blue lines). The current wave count labels this price action as a hook back for more downside (see the 1 hour chart for the invalidation level).
A break above the resistance level (red) and previous top (100%) invalidates the current bearish wave structure whereas a break below support (green) most likely triggers the continuation of wave 3 (green).