EURUSD
On the EURUSD we are looking at a three wave corrective rise taking place, after a nice bottom was found at the 1.089 level. This three wave correction seems to be near completion, as both sub-waves A) and B) look finished. As such a five wave structure is now expected to follow in wave C) with a probable top and a reversal zone near the 161.8 Fibonacci ratio.
EURUSD, 1H
USDJPY
USDJPY keeps trading higher, now in minor sub-wave iii) of and ending diagonal, that can be located in blue wave v-circled. We know that an impulse is made out of five minor waves, so blue wave v is still expected to make a two wave move to the upside, before making a sharp reversal lower.
The ideal turning point for this reversal could be around the 161.8 or 200.0 Fibonacci ratio, form where bears may take over.
USDJPY, 1H
The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns.
Basic Ending Diagonal:
