EUR/USD - Is red wave
2 all-ready done at 132.26 or do we need one more high closer to resistance near 132.36 before the next decline below 129.93 is seen for a continuation down to important long term support near 126.45.
If red wave
2 is done already we should see a break below 131.75 and more importantly 131.15 confirming the test of support at 129.93.
USD/JPY - Continues to behave as expected. We are now at support near 81.20, but I expect to see one last low in the 81.15 - 81.20 area before the correction from 81.77 is done and the next rally towards 83.28 is seen on the way towards 85.65 longer term.
Support in the 81.15 - 81.20 area should represent a good buying-area with a 80.25 stop.
GBP/USD - Here too we are sitting just before strong resistance at 161.63. I would not be surprised to see this resistance broken slightly in a failure-break ending wave E of the large triangle, which has formed since January 2009.
When wave E of the triangle is finally done we should see a thrust out of the triangle to the downside and should ultimately see a decline below the ending-point of wave [A] at 134.98.
EUR/JPY - Has also acted as expected and we should see a decline towards support in the 106.50 - 106.75 area for where we could see the next rally higher begin. The next rally should take us above resistance at 111.43 towards next long term resistance near 118.85.
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