USDJPY Bullish Momentum Faces Strong 111 Resistance Zone

Chris Svorcik Elite CurrenSea

USD/JPY

4 hour

The USD/JPY bullish momentum broke above the resistance trend line (dotted brown) but price has a strong horizontal resistance level nearby (red). Price seems to be building 5 (blue) bullish waves within wave 1 or wave A.

1 hour

The USD/JPY is showing strong bullish momentum and is building 5 extended waves (purple). A break below support could indicate the start of a bearish correction.

EUR/USD

4 hour

The EUR/USD broke below the support trend line (dotted blue) and extended the bearish price action. The wave structure is most likely indicating a wave C (red) within a larger wave 4 (blue). The Fibonacci levels of wave C vs A are most likely bouncing spots for further upside.

1 hour

The EUR/USD broke below the minor support (dotted blue) and price is building 5 internal waves (brown) within wave 5 (purple). Price could bounce at the previous bottom (green line) of wave A for instance. A break of resistance (red) could indicate the start of a new uptrend.

GBP/USD

4 hour

The GBP/USD broke below the support trend line (dotted green) and completed the 3rd wave (purple). Price could now be in a potential wave 4 (purple) retracement which could bounce at the Fibonacci levels of wave 4 vs 3.

1 hour

The GBP/USD did indeed complete multiple waves 5 at around 1.33. The retracement has broken below multiple support levels (dotted green) and is now testing the Fibonacci levels.

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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