Hi everyone, hope you are all ok.

Let's get into it...

USDJPY; The 4Hour Chart is showing Wave [ii] underway in the form of a Zig Zig correction (5,3,5) towards the lower trend line (blue), although there is an alternate count marked as a possible Wave [ii] to have completed already at between %23 and %38 retracement level.

Once Wave [ii] completes, Wave [iii] should start showing impulsive waves up again and the price to raise above the 108.92 price level marked by the highest of Wave [i].

The 60Min Chart, as per current count, is showing the last leg of Wave (b) of Waved [ii] nearly completed within a Zig Zag Correction.

Hence, once Wave (b) completes we should expect the price to drop again in the form of 5 Waves for Wave (c).

EURUSD seemed to have completed Wave [ii] at exactly %50 retracement of Wave [i] and now moving down impulsively in Wave [iii], with its internal Waves i and ii just completed and Wave iii now on the way.

The 60Min Chart is showing Wave i completed with 5 clear internal waves and Wave ii also showing 3 clearly defined waves.

Now Wave iii has started with its internal Waves 1 and 2 also completed.

So, next we should expect the price to continue lower to complete Wave 3 and Wave 4 correction to raise the price but, for the currenbt count to remain valid, not higher than the previous Wave 1 at 1.1120 or at a more bearish count at 1.1091

GBPUSD has a very similar shape as EURUSD and has also completed Wave [ii], although at almost %76 retracement of Wave [i] instead. With Wave iii of Wave [iii] on the way.

(The Alternate count marked is for an extended Wave [ii] correction reaching the %76 retracement level).

The 60Min chart is showing 5 clear waves completed for Wave (c) of Wave [ii] and, much like EURUSD too, Waves i and ii have clear defined internal Waves, suggesting that Wave iii of Wave (i) of Wave [iii] is now on the run carrying the price lower in its initial internal Waves 1 and 3 (blue).

All the best for everyone and please do not hesitate to contact me if you have any questions or comments.

Andres