Currency pair USD/JPY
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).
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).
Currency pair EUR/USD
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.
The EUR/USD could retrace deeper and higher if indeed an ABC (purple) zigzag occurs within a wave 2 (brown).
Currency pair GBP/USD
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).
The GBP/USD could be a in wave 4 (purple) if price manages to stay above the Fibonacci levels of wave 4 vs 3.
