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Limited Development, Mostly Dollar Bullish Except USD/JPY

Limited Development, Mostly Dollar Bullish Except USD/JPY

I have changed my mind about the extreme losses in USD/JPY. However, we should see losses that should move below 104.69 and later and then we have to take care. It’s possible to that we can see a little more.

Meanwhile, excluding USD/JPY, I am still expecting to see a triangle in GBP/USD although it’s possible to see a move lower, but we’ll have to take care. I’ll try and explain this within the inpidual pairs.

EUR/USD needs to form more decent losses. If we are to form a triangle then the we’ll have a long, slow development. If you see a stronger decline, then the triangle is likely. If we see a limited decline, then we’re more likely to form a Wave i and then a Wave ii.

We may have seen the low in USD/CHF within a double zigzag. However, there is the risk of a final zigzag to complete a triple three. Keep both in mind and I’ll let you know the break level to see gains.

Still in EUR/JPY, we have options. I tend to feel that we won’t have a complex correction. We should see losses through USD/JPY and the balance between the EUR/USD options – so overall losses.

As for the upside-down pair, AUD/USD still seems to need a slightly higher pullback. We don’t have a bearish pergence at this moment but that’s something we need to note. This pullback, as I mentioned yesterday, needn’t see a strong move higher.

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