EUR/USD - The correction from 130.33 became more complex than first expected, but we are still within the expected correction-area. However I think we saw the end of the correction from 130.33 at 131.56 yesterday, but we need a break below 131.23 and more importantly 131.04 to confirm the next serious test of neckline resistance near 130.10 a break below here will call for a decline to at least 129.00 and more likely closer to 126.50.
Only a break above 131.56 will delay the downside pressure for a even more complex correction towards 132.09 before down.
USD/JPY - Here the most likely scenario is that the correction from 84.17 ended at 80.57 which a break above 81.12 and more importantly a break above 81.85 will confirm for the next leg higher towards 85.50.
Only an unexpected break below 80.57 will delay for a more complex correction towards 80.10 and less likely 79.10 before up again.
GBP/USD - Here too the most likely scenario is that the correction from 158.02 ended at 159.38 yesterday, but we need a break below 159.09 to confirm this scenario and a continuation down to test the neckline resistance near 158.00 a break below here will open up the downside for a decline towards at least 156.78.
Only an unexpected break above 159.38 will delay the downside pressure for a move higher towards 159.65 first.
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