The pairs are getting out of balance.
Yesterday’s losses in EUR/USD were in a 5-wave and that is rather strange because GBP/USD has only a 3-wave decline – and that’s the Wave v. I took a look at the (cyan) [a] and Wave [b] and realised that we had a 3-wave rally. I still feel that EUR/USD will see losses but should be in a final zig-zag. That should match the Wave –iii-, -iv- and Wave –v-.
This will need an expanded flat higher in EUR/USD. USD/JPY – we have seen a double zig-zag. Will we see a triple three – or just a break above 112.14? We are also looking to the upside in USD/CHF but this will need a deeper correction.
The Aussie has formed the (cyan) Wave a and that will then require a deeper correction.
As for EUR/JPY, it could be tricky. Most likely, dips in EUR/USD, but USD/JPY has the option of either direct gains or a final zig-zag lower.