Yesterday was a bit of a mixed development. What we have seen is a 5-wave decline in USD/JPY followed by a pullback to 109.62, so we should be looking for losses. We also saw a lower level in EUR/USD to form the (brown) Wave –a-. So this means that the 4 majors are in sync in terms of a bearish dollar – and that also allows the Aussie to see a pullback higher.
What I think I have found is that we have seen a Wave (a) and as long as the 109.47 level does not break, we should see a second decline and later a pullback in Wave ii. That suggests that we’re going to see some solid losses in the dollar. Along with that, EUR/USD needs to see a deep-ish correction higher, USD/CHF for a deeper decline. How quickly or slowly this develops is the only issue. Therefore, follow the swings and over today and, most likely tomorrow, we may finally reach the dollar bearish pullback.
As for EUR/JPY, it looks like a swing higher and reversal.