EUR/USD is currently bumping right up on the upper band of the triangle consolidation at 1.3669, threatening an upside breakout. A drop back into consolidation should have support at 1.3608 or 1.3592. If we do get an upside breakout, it sets up a MT up-cycle with 2nd channel target at 1.3882. A breakout to the downside has support at 1.3481, and targets at 1.3333 and 1.3120 (black).
USD/JPY Corrects Sharp Rally
USD/JPY fell slightly short of our 90.91 4th channel target, topping at 90.81. This may be enough to complete the MT up-cycle (blue), followed by more sideways consolidation. If support in the 89.43 to 89.60 area holds, it will likely set up a 1st channel of a larger LT up-cycle. If we continue higher from here, the 4th channel extension target comes in at 91.10.
