GBP/USD and USD/JPY Breaking Major Top and Bottom

GBP/USD and USD/JPY Breaking Major Top and Bottom

April 27, 2015 04:37

 

Yesterday’s price action is most likely a bullish momentum and therefore labeled as a wave A (orange).

GBP/USD

4 hour

The GBP/USD is challenging the previous major top (red line). A breakout could translate into a dash to the 100% Fibonacci target whereas a bounce could see price retrace back to the support trend line (blue).

1 hour

For the moment the GBPUSD has been marked as a bullish zigzag (purple 5 wave), which could indicate a wave 4 (purple) and a wave (purple) to complete wave A (orange).

USD/JPY

4 hour

The USD/JPY remains in a major consolidation and is now approaching bigger support (green line) which is a bounce or break spot. The resistance trend lines (orange/red) could contain a bounce whereas a break could see price head towards the wave 23.6% Fib at 117.10 (not visible on chart).

1 hour

The USD/JPY could be completing an ABC (blue) zigzag.
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