Price broke out of multiple resistance trend lines (dotted orange) and is now building a bullish channel (green lines). The speed of the movement suggests the potential for the wave count to be a wave 3 (orange) of wave 3 (green).
The GBP/USD is in a bullish channel which is indicated by the red and green trend lines. Price is now facing a resistance top (orange line). A bullish breakout could indicate the potential for price to move to one of the Fibonacci targets.
The USD/JPY is making bearish price movement as indicated by the wave count in the recent weeks. The acceleration below the trend channel confirms its impulsiveness which makes it a wave C (purple) or perhaps even a wave 3. This will depend on how far price pushes lower.
The USD/JPY broke below the support (dotted green), pulled back to it and then continued its fall from the broken support. The momentum of the of the fall has been strong and could indicate the potential of a wave 3 (blue).
Please note that the update is posted with permission from Admiral Markets
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