Forex Dominated by USD and JPY Bulls

EUR/USD

4 hour

The EUR/USD broke below the support trend line (dotted blue) and has extended the wave X (brown) correction to a lower point. Further downside is possible on lower time frames as long as price stays below the resistance levels (yellow and also orange).

1 hour

The EUR/USD could retest the major bottom (green line) if it continues to bounce off the resistance (yellow line). A break above the yellow line probably indicates a change of the wave count to a potential 1-2 (magenta).

GBP/USD

4 hour

The GBP/USD broke below the support trend line (dotted green) and made a bearish breakout.

1 hour

The bearish momentum suggests that price made a wave 3 and that a wave 5 (dark green) could follow. The 78.6% Fibonacci retracement level is a potential bounce spot.

USD/JPY

4 hour

The USD/JPY continues to make bearish price movements but has lack of space due to strong support (green levels).

1 hour

The USD/JPY could continue display an ABC formation (orange) due to its current moment but will probably struggle to break below the support.

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Please note that the update is posted with permission from Admiral Markets

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