Home Forex Analysis And Forecasts USD/JPY crashes through floor by breaking long-term support

USD/JPY crashes through floor by breaking long-term support

EUR/USD

4 hour

EURUSD

The EUR/USD has made a bullish bounce at the 38.2% Fibonacci level and is now resting the top (red). A break above resistance confirms the development of a wave A (green), whereas a bearish bounce could price retest the wave X (blue) Fibonacci levels. This wave count is invalidated when price breaks below the support trend line (green). 1 hour

EURUSD

The EUR/USD is marked as a wave 1 (green) but is dependent on how price reacts at resistance and support levels (bounce or break).

GBP/USD

4 hour

GBPUSD

The GBP/USD has reached the 50% Fibonacci level of wave X (blue), which could be a bullish turning spot. A break above the resistance trend line (orange) is needed before the completion of wave X can be confirmed because otherwise price might fall towards lower Fib levels. This wave count is invalidated when price breaks below the support trend line (green).

1 hour

GBPUSD

The GBP/USD is probably building another ABC bearish zigzag pattern (green) unless price manages to break out of the bearish channel (dark green & orange).

USD/JPY

4 hour

USDJPY

The USD/JPY has broken the long-term daily and weekly horizontal support levels (dotted blue). The bullish bounce for wave X (brown) retraced to a very shallow 23.6% Fibonacci level before continuing down lower and breaking support.

1 hour

USDJPY

The USD/JPY is either building an ABC (light green) zigzag or a 123 (green) within a wave A (blue), which will depend on whether price can reach the Fibonacci targets.

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