Admiral Markets - Analytics

    Admiral Markets

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    USD/JPY Reverse and Bounce at 124.50 Resistance Top

    EUR/USD

    4 hour

    The EUR/USD is re-testing the weekly bottom (green) which could provide support for a 2nd rally / bounce.

    1 hour

    The EUR/USD reached a confluence of Fibonacci target and retracement levels, which could provide support for a bullish retracement or rally. Typically a wave C does not extend past the 161.8% Fib level so a break below the wave C (blue) bottom could change the wave count.

    GBP/USD

    4 hour

    The GBP/USD price action remains relatively choppy with the wedge trend lines narrowing in resistance (red) and support (green).

    1 hour

    The ABC zigzag (magenta) could complete at the Fibonacci targets and retracement levels of wave C and wave X. There is also an ascending wedge pattern (flat top, rising bottom) visible when taking the trend line support (green) and resistance (red) into account. A bullish breakout could indicate the start of the wave Y (green).

    USD/JPY

    4 hour

    The USD/JPY failed to break above the top (red) which means that the price movement could be part of a wave X (lavender) of a bigger WXY correction within wave B (brown).

    1 hour

    The USD/JPY is approaching support trend levels (green), which will provide information about a potential bounce or break.


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