As mentioned yesterday, the market loves to make things difficult. If you recall the puzzle in EUR/USD, it appears that the first January high was valid and at 1.1586. The Wave -ii- was 90%. After the deep losses in GBP/USD we saw a 97.4% pullback in Wave (ii) and so AUD/USD decided to follow with a 90.6% retracement in the Wave b/iii.
Meanwhile, USD/JPY was my failure, but I struggled to define the development with all the scratchy development. The 109.09 high appears to have been the (blue) Wave i and therefore we have to look for the Wave ii and that appears to need another pullback lower first.
Even USD/CHF made a new low but seems to have been a final Wave b/v. This pair is a total pain in the backside, but we should now see stronger dollar gains now.
To complete the final pair – EUR/JPY – we have probably seen the final high in the (brown) Wave (b) so we should expect losses, particularly because USD/JPY appears to need losses along with EUR/USD.