USD/JPY’s Decision Zone for Breakout

3 min read

EUR/USD

4 hour

15-06-2015eu4
The EUR/USD remains very corrective and stays within the boundaries of a contracting wedge, which has resistance (red) and support (green) trend lines nearby.

1 hour

15-06-2015eu1
A bullish break would confirm the current wave count with a 4-5 (purple). Whereas a bearish break below the green support trend line would invalidate it.

GBP/USD

4 hour

15-06-2015gu4
The angle of the GBP/USD resistance line (orange) is shallower than the support line (blue), which indicates a rising wedge chart pattern.

1 hour

15-06-2015gu1
The GBP/USD broke to higher levels on Friday as part of a wave 5 (magenta) of wave 3 (green). It is now most likely retracing as part of a wave 4 (green).

USD/JPY

4 hour

15-06-2015uj4
The USD/JPY is approaching a resistance line (red), which could be a bounce or break spot.

1 hour

15-06-2015uj1
The USD/JPY is in a contracting triangle with support and resistance nearby.

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