GBP/USD and USD/JPY Approach Critical Decision Levels

EUR/USD

4 hour

The EUR/USD wave count is very vulnerable to change with the lingering insecurity of any euro zone news.

1 hour

All wave counts are highly subject to any volatility connected to news.

GBP/USD

4 hour

The GBP/USD is behaving choppily and has gone sideways for the last 2 trading days. A break below the support fractal would invalidate the wave count.

1 hour

The break above resistance (orange dotted line) was slow and corrective so far and requires a break above 1.5750 before upside potential is in vision. A break below the support trend line (light green) shows lack of upside momentum.

USD/JPY

4 hour

The USD/JPY managed to reach the bottom of the wedge and is now in a break or bounce spot. A break below support could see price fall towards the Fibonacci targets.

1 hour

The USD/JPY is showing bearish momentum as it approaches the important 122 support level.

Twitter: @elitecurrensea

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

Thank you