On the whole, we are still on the right track – or more likely several tracks. Both EUR/USD and GBP/USD are still looking to the downside but EUR/USD has been more penetrating compared to the jolly old pound. We should see these two pairs looking lower still. USD/JPY has been seeing a mini-rally and followed by a pullback. However, that will suggest further gains developing. We have also seen USD/CHF find a high for a pullback – but one that should see a deeper correction lower.
The Aussie was basically a pain in the backside, scrambling one way, then the other. It seems to me that we shall see an expanded flat.
In EUR/JPY, we see a decent decline to form a Wave i, so we’ll need a pullback and later losses. I suspect that once it has completed the second 5-wave decline we’ll see a pullback once EUR/USD has reached its low.