USD/JPY Breakout above Resistance and Pullback to Wave-4 Fibs

Chris Svorcik Elite CurrenSea

USD/JPY

4 hour

The USD/JPY is moving higher within a wave 5 (orange) of wave C (brown). A break above the top of the channel (red) could see price move towards the Fibonacci targets of wave C (brown).

1 hour

The USD/JPY broke above the resistance trend line (dotted red) mentioned yesterday and it seems to be expanding the wave 5 (orange) with 5 internal waves (purple). A break below the 61.8% Fib of wave 4 vs 3 invalidates the wave 4 (purple).

EUR/USD

4 hour

The EUR/USD is moving sideways between support (blue) and resistance (red/orange). A break above the 100% level at 1.13 invalidates both waves 2 (brown/green) and makes an uptrend continuation more likely. A bearish breakout below the bottom at 1.11 could confirm a potential wave 3.

1 hour

The EUR/USD could retrace deeper and higher if indeed an ABC (purple) zigzag occurs within a wave 2 (brown).

GBP/USD

4 hour

The GBP/USD is building an ABC (grey) zigzag within wave 2 (blue). Price could have completed the wave 2 correction if price manages to break below support (blue).

1 hour

The GBP/USD could be a in wave 4 (purple) if price manages to stay above the Fibonacci levels of wave 4 vs 3.

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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