USD/JPY Uptrend Builds Contracting Triangle Chart Pattern

December 27, 2016 04:30

USD/JPY

4 hour


The USD/JPY uptrend is building a contracting triangle chart pattern (red/blue). A break above the resistance level (red) could see price extend the trend towards Fib targets.

1 hour



The USD/JPY is building a wave 1 and 2 (green) unless price breaks below the support (blue) and the Fibonacci levels. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets.

EUR/USD

4 hour

The EUR/USD downtrend is building a major consolidation zone at the broken support levels from 2015 (dotted greens). A bearish continuation becomes more likely once price manages to break below the support (green/blue) levels.

1 hour

The EUR/USD is building a sideways correction within the wave 4 (purple). A break above the Fib levels of wave 4 vs 3 would invalidate the current wave structure. A bearish breakout below the support (blue) could see price continue with the downtrend.

GBP/USD

4 hour

The GBP/USD downtrend is neatly indicated by a bearish channel (green/red) with Fibonacci targets and the previous bottom (green line) below it.

1 hour

The GBP/USD is in a wave 4 (orange) unless price breaks above the 61.8% Fib. A breakout below the support (blue) could indicate a continuation of the wave 5 (orange).

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