Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

The falling channel resistance-line has now been tested three times and held. This is normally a signs of strength and could indicate very strong downside pressure soon. As I'm looking for wave c lower, a strong downside pressure would make sense. Short term I'm looking for a break below 128.61 as the first indication, that renewed downside pressure is taking over. While a break below 128.14 is needed to confirm, that yet another top is in place and wave c lower towards at least 124.96 is in progress. However, the risk is still a break above 129.90, which will open up for a move towards 131.31 and likely also higher towards the top at 133.81, in a much more complex correction.

EUR/NZD

I'm looking for strong support at 168.25 (top of red wave i) to protect the downside the downside for a break above resistance at 1.6975 and more important a break above resistance at 1.7053, which will confirm, that a new high above 1.7113 will be seen. As the target for this ongoing black wave v we are looking for minimum 1.7162, but a more likely targets is at 1.7400 and possibly at 1.7640. Once this black wave v find its top we should expect the biggest correction we have seen since the 1.5080 low, both in points and in time.