EUR/USD is trading at levels where several LT cycles should provide support. In our chart both the black and dark purple cycles show channel targets where we made lows overnight, and the dark red LT cycle has its 2nd channel extension target just above the lows. If we continue lower, there is LT technical support at 1.3750.
USD/JPY Completes ST Up-Cycle
USD/JPY came within a few ticks of reaching our 90.97 target Friday before dropping sharply. It appears we have completed a ST up-cycle off the 89.13 low. What happens now will determine whether we continue the MT down-cycle (purple), or begin a MT up-cycle that tests the 92.00-92.50 area.
