I have had some problems with my normal charting-system, so I have had to use the back-up system today, Sorry!
EUR/JPY - Has just tested its 61.8% retracement target of wave 1, which rose from 97.03 to 111.03. We are in a low risk EUR-buy area, the only question is whether we need on last decline to just below 102.23 before wave 2 finally finds its ending-point. A break above resistance at 103.30 and more importantly 103.77 should be the first good indicators that wave 2 has bottomed and a new impulsive up-move has begun.
CHF/JPY - The picture is pretty much the same here, but we haven't quite tested the 61.8% retracement target at 84.76 yet. There is not demand that we do see a perfect hit, but as long as resistance at 86.00 protects the upside we could see one last decline closer to 84.76, but and break above 86.00 and more importantly 86.37 will indicate that wave 2 is finished and call for a new impulsive rally.
