Steven Wesiak

EUR:
The trend remains up but its intensity is starting to decrease. However, no clear top ha yet taken shape so only a break under the last intra-day low at 1.3797 indicates that the uptrend has entered a correction phase. Unless that happens then prices should rally past the recent 1.3847 peak which will keep the focus on a projected possible top at 1.4120.

JPY:
The market is hammering away at the 120.78/54 support area and this indicates a dip down to the 119.48 level is underway. Once reached, a bounce to test 120.78 as new resistance could occur before the downswing continues. Only a push up past the last intra-day peak at 121.52 starts to cool off the downside bias but the market will still need to deal with the strong looking barrier that emerged at 122.62.

GBP:
The current uptrend set yet another fresh high and buyers are closing in on a projected possible top at 2.0675. It is a place where some hesitation could occur and perhaps a correction lower. But, only breaking below 2.0538 indicates that the uptrend has entered a correction phase with scope to 2.0459. If that were to give way then a decline to 2.0244 could follow. On the upside, a break above 2.0675 opens the way to the next projected possible top at 2.1095.

AUD:
The uptrend keeps pressing higher and the market could make it to a former top at 0.8950 before any large correction lower settles in. Zooming in, only under an upward sloping support line at 0.8800 and preferably the last low at 0.8754 indicates that a correction is occurring with sellers likely aiming at 0.8709.

EURJPY:
Prices have entered a correction phase after setting a top at 168.95, which has room to 166.10 before bottoming out. If that gives way then 165.20 and more likely the 164.25 area will likely be reached before any new base builds. On the upside, it requires a rise above the last intra-day peak at 167.80 to revive the uptrend. That, In turn will likely launch an attack on the 168.95 top.