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USD/JPY Bearish Daily Candle and Rising Wedge at 115 Resistance

November 07, 2017 07:00

USD/JPY

4 hour

The USD/JPY is challenging the 114.50-115 resistance zone, which is a major break or bounce spot. Yesterday's daily candle ended up bearish with a major wick on the top of the candle. A rising wedge reversal chart pattern could also be taking place but the confirmation of the pattern occurs when price breaks below the support.

1 hour

The trend is up at the moment but price seems to be losing steam and speed as it approaches resistance (red). The USD/JPY will need to break above resistance (red) or below support (blue) before the direction could be clear.

EUR/USD

4 hour

EUR/USD is still struggling to move lower as it failed yesterday to break below the low and bottom (green). The pattern however remains bearish but a new break below the bottom is needed before the wave 5 (blue) is able to continue.

1 hour

The EUR/USD seems to be building a wave 4 (green) correction and the Fibonacci levels could act as resistance. A break above the 61.8% Fibonacci level makes a wave 4 (green) less likely.

GBP/USD

4 hour

The GBP/USD is testing the Fibonacci levels of wave 4 (orange), which could act as resistance. A break above the 61.8% Fib makes a wave 4 (orange) less likely.

1 hour

The GBP/USD is building a small flag. A break below or above it could indicate a small breakout.

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