USD/JPY Break or Bounce at 112.50 Resistance of Wave 4

Chris Svorcik Elite CurrenSea

USD/JPY

4 hour

The USD/JPY has broken above the resistance trend lines (dotted) after completing wave 3 (orange). The bullish price action could still be part of a wave 4 (orange) as long as price stays below the 61.8% Fibonacci level.

1 hour

The USD/JPY could be building an ABC (purple) correction within wave 4 (orange). The resistance top (red) at 112.50 is a key resistance level for wave 4.

EUR/USD

4 hour

The EUR/USD continued the uptrend and managed to reach 1.17. The new higher high is most likely completing the wave 3 (orange) and starting a wave 4 (orange) correction. Price could use the Fibonacci levels of wave 4 vs 3 as potential bounce spots.

1 hour

The EUR/USD could be building an ABC (grey) correction within wave 4 (orange).

GBP/USD

4 hour

The GBP/USD respected the 78.6% Fibonacci level of the WXY (purple) pattern. A break below the small channel (blue) would indicate the potential for price to retrace lower towards the 61.8% Fibonacci target of wave Y vs W.

1 hour

The GBP/USD completed multiple ABC (green) corrections within wave X (purple). Price is now at a new bounce or break spot at the bottom of the channel.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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