Admiral Markets - Analytics

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    USDJPY Challenges Key 120.50 Resistance but Remains in Wave E of Wedge


    4 hour EURUSD: the EURUSD could fall towards the Fibonacci targets of the waves 5.


    60 min EURUSD: the EURUSD could now be in the impulsive wave 3 (blue) of wave 3 (blue), although the momentum during the break of the 1.11 bottom has been low when looking at the oscillator.

    GBPUSD


    4 hour GBPUSD: the 61.8% and 78.6% Fibonacci support levels are key decision spots whether price will complete a wave X (blue) or not.


    60 min GBPUSD: so far the divergence between the bottoms (purple line) on the oscillator is increasing the chance that price is in a corrective wave X (blue).

    USDJPY


    4 hour USDJPY: the USDJPY challenged the key resistance levels (red lines) but has so far not managed to break above them.


    60 min USDJPY: a failure to break confirms the development of a corrective wave WXY (blue) as part of an expanded wave E (magenta).


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