USD/JPY Completes Truncated Wave 5 and Starts Bullish Wave 1

June 02, 2017 07:00

USD/JPY

4 hour

The USD/JPY has broken above the resistance trend line (dotted orange) which confirms the completion of wave 5 (orange) within wave C (brown). This particular wave 5 failed to break below the low of wave 3 which is called a truncated wave 5. The new bullish momentum could indicate the start of a wave 1 (purple).

1 hour

The USD/JPY bullish momentum has 5 internal waves (grey) within wave 1 (purple). Price could be heading towards the Fibonacci targets of wave 5 (grey).

EUR/USD

4 hour

The EUR/USD is still moving sideways in a key decision zone: the resistance at 1.13 and the support (green) at 1.12 are very important levels as the breakout will provide key information about the next potential trend.

1 hour

The EUR/USD wave 4 (blue) is invalidated if price breaks below support (green). A break above resistance (red) could spark one more wave 5 (blue).

GBP/USD

4 hour

The GBP/USD is building a corrective pattern which is indicated by the trend lines. A break above it invalidates the wave 3 (blue) whereas a break below support (green) could confirm it.

1 hour

The GBP/USD continues with expanding its consolidation zone.

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