The USD/JPY broke below the support trend line (blue) and invalidated the bullish 5 wave reversal. A bearish price structure seems more likely at this moment because the current wave pattern probably has completed an ABC within wave Y. A bullish break above the resistance (red) trend line makes the bearish outlook again less likely.
The USD/JPY needs to break below the support trend line (blue) before a bearish continuation is likely.
The GBP/USD is still testing the Fibonacci levels of potential wave 4 (green) retracement. The current support zone is key due to the 50% Fib, 1.40 round level, long-term moving average, and support trend line (blue). A bullish bounce could see price move up within the trend whereas a bearish break could indicate a reversal.
The GBP/USD is building a triangle chart pattern. For the moment it might have completed a wave C (grey) of a wave 4 (green) retracement if price manages to break above the resistance trend lines (red). A break below the 50 and 61.8% Fibonacci level makes a wave 4 (green) unlikely.
Good trading,
Chris Svorcik
Elite CurrenSea
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