Currency pair USD/JPY
The USD/JPY bounced at the resistance zone and is now building a lower high. Price will need to break below support (green) before a bearish breakout is likely.
The USD/JPY is testing a resistance trend line (red). A bearish bounce could see price continue with the downtrend whereas a bullish breakout could indicate a bigger reversal.
Currency pair EUR/USD
The EUR/USD made a bullish bounce at the support zone of the previous wave W (blue) bottom. A bullish breakout above the resistance trend line (red) confirms the potential start of a bullish wave 5 (purple) but one more push lower could occur to test the green support.
The EUR/USD could be developing a bullish reversal unless breaks below the 100% Fibonacci level.
Currency pair GBP/USD
The GBP/USD bounced at the long-term support trend line (blue) and is now retesting a resistance trend line (red). Price will need to break the S&R before a new trend can become visible.
The GBP/USD bounced at the bottom of the channel and has arrived at the top of the channel. Price is now at a bounce or break spot.
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