USD/JPY Breaks below Rising Wedge Chart Pattern

3 min read

EUR/USD

4 hour

13-08-2015eu4
The EUR/USD managed to rally above the resistance trend line (red) and moved up towards the Fibonacci targets of wave Y versus W.

1 hour

13-08-2015eu1
The EUR/USD probably completed wave C (blue) of a bigger ABC as mentioned in yesterday’s analysis.

GBP/USD

4 hour

13-08-2015gu4
The GBP/USD has again reached the top of the large consolidation zone which is marked by the green and red trend lines.

1 hour

13-08-2015gu1
The GBP/USD is in an uptrend channel (green/orange) and could be building an ABC (dark green) within wave Y (magenta).

USD/JPY

4 hour

13-08-2015uj4
The USD/JPY broke below the rising wedge chart pattern formation which is indicated by the broken green line. This could be a first signal of a potential bounce at the resistance top (brown).

1 hour

13-08-2015uj1
The USD/JPY bearish momentum could indicate the start of a potential bearish ABC (purple).

Twitter: @elitecurrensea 

Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com

Thank you

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