EURJPY
EURCHF
EURGBP
Commentary - Last week we wrote that “near term, the decline from 166.65 is in 5 waves and a corrective rally is underway now. Minimum expectations are for a rally through 161.68 (origin of a). “ After pushing through 161.68 the EURJPY completed a corrective rally at 162.28 on 1/10. The next wave down is probably underway now. Minumum expectations are for a decline to come under 158.68 although greater bearish potential does exist. [B]sure to visit the Elliott Wave forum for updates to the EURJPY and other pairs.[/B]
Strategy – Bearish, against 162.28, target TBD
Commentary – We wrote last week that “near term, expect a corrective rally in the 4th wave position to end near the 38.2% of 1.6687-1.6323 at 1.6462 (also former congestion area). “ Wave 4 ended at 1.6449 on 1/8 and wave 5 is probably nearing an end. If the top in October at 1.6827 is a multi-year top, then the decline from 1.6727 is probably just wave 1 in a much larger 3rd wave. A corrective rally over the next few weeks to 1.6450 wpuld present a high probability short opportunity.
Strategy – Flat
Commentary – The EURGBP rally has extended in larger wave 3 (within the 5 wave rally from .6535) past the 261.8% extension now. Needless to say, the pair is extended and is due to trace out larger wave 4 (which will probably last a few months). The pair trades at an all-time high so there is nothing to go on as far as chart resistance is concerned. We expect wave 4 to take the pair back towards .7100-.7200 before a rally to complete the entire rally from .6535 in wave 5.
Strategy – Flat
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