USDJPY
USDJPY is turning nicely higher, now breaking slightly above the downward channel which can be the first step for a bullish reversal. But we are still missing a clear five wave rally from the low, as well as a 118.26 breakout that will be one of the most important evidences for a change in trend. In that case we will look for minimum three legs of recovery back to around 120.00, especially if stocks will also be trading higher.
 USDJPY, 1H
GBPUSD
GBPUSD can be finally turning higher after five waves down from a fourth wave triangle last week at 1.4427. We know that a triangle will occur prior to the final leg within a bigger pattern, which means that sooner or later the price will turn up into a larger correction as recent decline represents wave 5. a Break above 1.4363 will be an important and final confirmation for a bullish turn.
GBPUSD, 1H
