EURUSD and USDJPY Impulsiveness Continues without Pause

EUR/USD

4 hour

The EUR/USD bullish momentum broke above the resistance trend line and accelerates its speed within a strong wave 3 (green).

1 hour

The strength of the bullish momentum can be seen in the steep angle of the bullish channel (green lines).

GBP/USD

4 hour

The GBP/USD price action remains choppy and cluttered. Within this wedge resistance (red) and support (green) trend lines are nearby.

1 hour

The GBP/USD remains in a bullish channel, which is indicated by the red and green trend lines, but price is unable to break above the resistance top (orange line). Price remains in a “grey” and indecisive area.

USD/JPY

4 hour

The USD/JPY wave count has been changed from an ABC to a 123 pattern (brown) due to the recent steep decline that has taken price down to the 261.8% Fibonacci target (wave 3 vs 1). Such an extended move is typical for a wave 3.

1 hour

The bearish momentum is strong and there seems to be an internal wave 3 (purple) within the bigger wave 3 (brown).

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