After trading sideways most of Monday, EUR/USD has dropped down out of consolidation after reaching our 4th channel boundary at 1.4179 (light blue). A new ST down-cycle is likely forming, with tentative projections at 1.4036, 1.3999 and 1.3962 (orange). If we correct up higher than resistance at 1.4110, then those targets will change.
USD/JPY hits downside target
USD/JPY held resistance at 90.55 yesterday, and subsequently dropped below 89.78 support, indicating a continuation of the MT down-cycle (purple). If we get through LT cycle support at 89.10, MT targets are at 88.72, 88.75 and 86.74.
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