EUR/USD - Failure to take out the 131.72 higher and the fact that it seems we are break down below support at 130.78 re-enforces my confidence in the leading diagonal count. A break below 130.55 will call for a new decline towards support in the 129.75 - 130.00 area, but a break below this support will call for a continuation down towards 128.50 as first minor target but we should see a test of important long term support near 126.25 follow.
USD/JPY - Please see my post from April 17. here first:
http://theelliottwavesufer.blogspot.com/2012/04/update-on-usdjpy-and-eurjpy.html
Has almost reached it first target near 81.87. I still think that this resistance will hold the first test for a reaction back towards at least 81.17 and maybe even 80.90, before the next attack on the 81.87 resistance is seen.
If you went long USD on April 17 you will want to move protective stops up to 81.30 and consider taking profit near 81.87 for a nice profit of more than 100 pips.
If you are an very aggressive trader you will try selling USD near 81.87 with a 82.20 stop and take profit and possible revers to a long USD position in the 80.90 - 81.17 area.
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