Currency pair USD/JPY
The USD/JPY is in an uptrend channel which could be part of a larger bullish wave 3 pattern. This is invalidated if price breaks below the support trend line (green) of the uptrend channel. A bullish breakout above the channel resistance would confirm the bullish breakout.
The USD/JPY will need to break above the resistance (red/orange) now or later to confirm the wave 3 pattern (purple). For the moment, the Fibonacci levels and the support trend line could stop price from falling.
Currency pair GBP/USD
The GBP/USD is probably in a wave 1-2 (green) unless price breaks below the 100% Fibonacci level of wave 2 vs 1. The current bearish channel could also be a bear flag pattern if price manages to break above it.
The GBP/USD is also showing a triangle pattern. A break below or above the triangle could indicate a potential breakout.
Currency pair EUR/USD
The EUR/USD could be in a wave C (purple) of a larger bearish ABC retracement. An impulsive wave C could develop if price is able to break below the support trend line (blue). A bearish breakout could see price fall and challenge the Fibonacci levels of wave 2 vs 1 (pink) whereas a bullish breakout will face other layers of potential resistance.
The EUR/USD break above the resistance trend line (red) could be part of a larger wave 1 (pink), although new resistance levels are nearby (red lines). A break below the support trend line (blue) could see price fall towards the Fibonacci levels of wave C and 2.
