USD/JPY Builds ABC Correction Towards 23.6% Fibonacci

USD/JPY

4 hour

The USD/JPY has built an ABC (blue) correction towards the 23.6% Fibonacci retracement level of wave 4 (purple). The 23.6% and 38.2% Fibonacci levels of wave 4 (purple) are potential bouncing spots for a continuation of the larger uptrend on the daily chart.

1 hour

The USD/JPY bounced at the 23.6% Fibonacci level. A breakout above the resistance trend line (red) is needed before an uptrend continuation becomes more likely.

EUR/USD

4 hour

The EUR/USD broke the resistance trend line (dotted orange) and turned at the 61.8% Fibonacci retracement level. This could complete the wave 2 (brown) correction, although price could test the higher 78.6% Fib as well. The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD completed the ABC zigzag (green) pattern as expected. Whether the bullish waves Y correction are finished depends on the breakout direction below the support (blue/green) or above the 61.8% Fib.

GBP/USD

4 hour

The GBP/USD downtrend channel stays intact after price showed a bearish bounce at the resistance trend line (red).

1 hour

The GBP/USD completed an ABC zigzag (grey) within wave 4 (orange) at a deep 78.6% Fibonacci retracement level. A break below support (green) could see price move towards the Fibonacci targets.

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