Very Short-Term Trend:
Downtrend
Outlook:
EUR/USD has consolidated just above the recent lows and it seems it is preparing for the next leg lower. ideally, this leg lower should begin today and will bring weakness twd 1.2145. That bearish outlook is valid as long as the prices stay below the important 1.2345 Fibonacci level. So, the short side is still favored. Only a move above 1.2345 will makes me neutral here as it will risk a larger recovery toward 1.2440....
Strategy: Holding short from 1.2390 is favored. Stop=1.2370. Target=1.2150 
GBP/USD: 1.5506
Very Short-Term Trend: weak downtrend
Outlook:
GBP/USD has traded sideways since our last update but that does not change the overall picture at all. As long as the prices hold below the 1.5550 level the bears are in control and the current consolidation is seen as a temporary pause only within the ongoing downtrend from the early July top. Thus, I remain bearish and expect weakness twd 1.5260 Fibo level eventually.
On the upside, a break abv 1.5550 will negate this view and will sugges larger recovery twd 1.5620 is likely under way...
Strategy: Holding short from 1.5695 is favored. Stop=1.5555.
USD/JPY: 79.28
Very Short-Term Trend: sideways
Outlook:
USD has declined since our yesterday's udpate but so far the market remains in its tight range between 79.10 and 80.10. Right now the pressure is on the downside though and there is a greater risk for a downside break. But until such a break is seen, it is more reasonalbe to assume that the current consolidation will remain intact. And that means, some kind of a recovery can be expected later today. If a break below 79.10 will be a bearish sign that will suggest weakness towards 78.05 level...
Strategy: Stay out.
Legal disclaimer and risk disclosure:The services provided by Trend Recognition Ltd are intended for informational and educational purposes only. While a course of conduct regarding investments can be formulated from the presented analysis, at no time will Trend Recognition make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. The service is not a recommendation to buy or sell securities or an offer to buy or sell securities. The publishers of Trend Recognition website are not brokers or registered investment advisors and are not acting in any way to influence the purchase or sale of any security and/or its derivatives. The data for information provided by this website is obtained from sources deemed reliable but is not guaranteed as to accuracy, or completeness. The use of Trend Recognition services is done so at your own risk. Trading and investing in any financial markets, including, but not limited to the stock market, options market, futures market, bond market, and/or the commodities market involves serious risk of loss, and in some cases, greater loss than the amount invested. You should not rely solely on the information provided on this site in trading. Use of this site is your agreement to assume full responsibility for any losses, and your acknowledgment that we do not guarantee any results or information provided in this site and that you acknowledge that you are forming an independent opinion based upon your own research and resources, and not on the information contained herein. Trend Recognition recommends that you do your own due diligence and research when considering placing any kind of transaction.
It is possible at this or subsequent date, the publishers of Trend Recognition may own, buy or sell the securities discussed therein or their derivatives. Trend Recognition or its publishers are not liable for any losses or damages, monetary or otherwise, that result from trading the securities and/or derivatives discussed within the Trend Recognition website. The publishers of the Trend Recognition recommend that anyone trading securities and/or derivatives should do so with caution and consult with an experienced broker and/or investment advisor before doing so. Past performance of Trend Recognition may not be indicative of future performance and does not guarantee future results.