AUDJPY (green) has updated the recent highs, while NZDJPY (blue) failed to do so.
Heavy skew to the topside if it realizes.
Even though USDJPY moved higher from the bottom in 5 waves, this 5 wave move may still be a part of a "flat" a-b-c(-d-e) correction with subsequent continuation lower, as illustrated. In order for the bullish move to take some hold, the upper trendline needs to be broken and held on a possible pullback.
GBPUSD may have formed its D-Cross, as long as the correction pitchfork's upper boundary holds.
Looking for a short setup in the 1.1030-1.1050 area if the price gets there. Be mindful of the month end/start flows and US job market data in the next few days.
Potential head and shoulders or another terminal pattern. RSI break of the trendline may negate the pattern.
Be mindful of yen interventions by the Japanese financial authorities.
GBPUSD last leg higher reached the 161% extension (blue), which may indicate an "impulsive" move in progress. Assuming that the move is indeed impulsive, the median of the pitchfork should hold as its breakdown is likely to produce an overlap with a wave of higher degree at 1.19711 thus negating the "impulsive" interpretation. If the median does hold as support,...