EUR/USD and USD/JPY Corrective while GBP/USD Trends

3 min read


4 hour

The EUR/USD remains above the inner support trend line (green), which could be used as a base for expanding wave C (magenta) higher. The other scenario is a deeper bearish correction for wave X (brown) before price goes to complete wave 4 (green).

1 hour

The trend lines are important lines in the sand whether a bullish or bearish breakout is occurring.


4 hour

The GBP/USD is in a strong uptrend and has the 61.8% Fibonacci retracement level (B vs A) as most likely target.

1 hour

The GBP/USD could break out for a wave 5 (orange) to complete wave 3 (magenta) after which a retracement back lower to complete wave 4 (magenta) is probable.


4 hour

The USD/JPY is in a bearish correction with targets below it. The resistance (red) marks the area where the down momentum has probably ended.

1 hour

The USD/JPY price action is going sideways with clear support (blue) and resistance (red) markers.

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

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