Whether wave X (brown) has been completed or not remains to be seen and depends on whether price will break above the long-term resistance line (orange/yellow) or bounce at it for more downside remaining in the down trend channel.
The EUR/USD did break above the immediate resistance line (dotted yellow) but there was not much momentum during the break so the wave count has been labeled WXY (lavender).
The GBP/USD made yet another bearish breakout yesterday which took price down to the 78.6% Fibonacci level. This level has acted as a support and a bouncing spot as mentioned in yesterday’s wave analysis.
Whether the GBP/USD will make a big bounce up or continue to break down depends on whether price can break below the bottom or stay above it.
The USD/JPY broke through the support level (dotted green) and continues with its bearish pressure. This could complete wave W (green) but it depends if the upside can show sufficient momentum today.
The USD/JPY indeed displayed an ABC formation (orange) as mentioned in yesterday’s wave count and eventually built sufficient momentum to break below the support.
Please note that the update is posted with permission from Admiral Markets