Trends and Potential Trades in GBPUSD, EURUSD, and USDJPYThis morning's analysis focuses on the current state of play in GBPUSD, EURUSD, and USDJPY.
The overall trend for the USD remains downward, and this week has seen a continuation of that trend.
GBPUSD & EURUSD
In the short term, there is potential for a sell trade (Secondary Trend) as a retracement of the recent bull run towards the buy zone of the bullish wave.
USDJPY
We have observed a strong downward move to T1, and price action on the 15-minute chart suggests a potential buying opportunity after liquidity was grabbed at the low of the Tokyo session.
Buying USDJPY (Secondary Trend) is a possibility, as the wave structure 2 is approaching its low, with wave 3 correction expected to be the next phase.
Happy Trading!
