USD/JPY Reaches -61.8% Fib Target and Reverses at 110

Sausis 17, 2018 08:00

USD/JPY

4 hour

The USD/JPY has reached the main -61.8% Fibonacci target and the round level of 110. Price bounced at that support and seems to be breaking through the resistance trend line (red).

1 hour

The USD/JPY made one more lower low within the downtrend but now has made a bullish break above resistance (red). This could be a first signal of a reversal but price still needs to confirm a higher low.

EUR/USD

4 hour

The EUR/USD continued with its the uptrend with a new higher high but price seems to be moving lower again. The retracement is, however, still most likely part of a wave 3 (purple) unless 5-6 candles on the 4 hour chart fail to break the current high, which would indicate that wave 3 has been probably completed.

1 hour

The EUR/USD retraced and bounced at the 38.2% Fibonacci level of wave 4 (orange) at 1.22. The bullish breakout above the resistance trend line (dotted red) caused price to make a new rally and a new higher high. The current bearish price action is probably a wave 4 (green) retracement.

GBP/USD

4 hour

The GBP/USD bounced at the local support (green lines) but the rally was unable to break above the strong resistance (orange). The orange horizontal line is the bottom of wave 1 on a weekly chart and a break above it indicates an invalidation of a long-term bearish wave count.

1 hour

The GBP/USD bullish momentum could continue if price bounces at the Fibonacci support levels. Strong bearish price action, however, could also indicate the end of the bullish price action and the start of a reversal.

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