Currency pair USD/JPY
The USD/JPY continues higher in an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines. Price is moving towards the Fib targets of wave 5 (brown). The next bullish target would be 115, which is a major round resistance level.
The USD/JPY bounced at the 38.2% Fibonacci support level of wave 4 (grey). A break above resistance (red) could see price challenge the Fibonacci targets of waves 5.
Currency pair EUR/USD
The EUR/USD break of the support trend line (dotted blue) could indicate the start of a bearish 1-2 wave count (brown). Once wave 1 is completed, the EUR/USD could setup a bullish retracement that challenges the Fibonacci resistance levels of wave 2.
The EUR/USD is building a bearish channel (green/red) as part of the wave 5 (blue) of wave 1 (brown).
Currency pair GBP/USD
The GBP/USD is trending higher in a bullish channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (green) could start a bearish reversal.
