Currency pair USD/JPY
The USD/JPY is building a potential pull back and the 78.6% Fibonacci retracement level could be a support level. A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).
The USD/JPY could be in a wave 5 (pink) of wave C (orange).
Currency pair EUR/USD
The EUR/USD is testing the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure. A break below support (green/blue) confirms a new downtrend within waves 3 (brown/green).
The EUR/USD is potentially building a hook back within a wave 1-2 (blue) but a break above the 100% Fibonacci level invalidates the wave structure.
Currency pair GBP/USD
The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.
The GBP/USD broke above the resistance trend line (dotted orange) which makes a continuation of the correction within a larger ABCDE (green) triangle more likely.
