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USD/JPY Bearish Break Faces Struggle at Support

EUR/USD

4 hour

EURUSD

The EUR/USD has approached strong resistance levels such as the trend line (red) and the Fibonacci (61.8%). A bearish bounce could indicate the completion of wave C (brown). A bullish break could price move towards the 78.6% and 100% targets.

1 hour

EURUSD

The EUR/USD could be building an ending diagonal where the impulse waves are largely overlapping each other, which often happens near strong support and resistance.

GBP/USD

4 hour

GBPUSD

The GBP/USD respected the top of the larger downtrend channel (brown) and resistance Fibonacci levels and has shown bearish price action. Support levels (green) however still remain intact.

1 hour

GBPUSD

The GBP/USD is showing a smaller uptrend channel but the bearish price action was impulsive and is most likely a wave 1 (blue) or wave A. A bearish turn could occur when price pulls back to the Fibonacci levels of wave 2 (blue). Any break above 100% invalidates the wave structure.

USD/JPY

4 hour

USDJPY

The USD/JPY has reached a larger support zone (green) which could cause price to build a bullish bounce. The resistance levels and potential wave B (orange) resistance Fibonacci levels could potentially stop the bullish bounce.

1 hour

USDJPY

The USD/JPY made one more bearish push as part of wave 5 (pink). Any bullish retracement could struggle at the wave B resistance Fibonacci levels.

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