Hi everyone, hope you are all ok.

Let's get into it...

USDJPY impulsive move to the upside has been stopped at the lower blue trend and suggest that might be following the red-dotted trend now for an extended Wave B (or Wave 2 as the alternate count),  which in turn can form a Head & Shoulders formation (see 4Hour Chart).

The current count stands for a completed Wave (i) and its corrective Wave (ii) underway now.

Tomorrow's action would clear whether the current count carries on its way up after Wave (ii) is completed or, if the price continues to drop below the lowest of Wave (i) at 106.45, the alternate count would take over for an extended Wave [c] (yellow); Which will indicate that Wave (v) is still underway (see 60Min Chart).

EURUSD raising stalled between the top trend line (blue) and the longer term lower trend line (yellow) (4Hour Chart) within this Wave [ii], as per current count.

The 60Min Chart is showing 3 waves completed for Wave ii, with its lowest at %50 retracement.

I have circuled the alternate Wave ii for an extension towards the next level of Support at the %62 retracement level.

And, if the price moves impulsivelly up again, crossing the highest of Wave i at 1.1000, it will be a clear indication that Wave iii is underway.

(Moves lower than 1.0880 at the 0 retracement would trigger the alternate 4Hour Chart Wave [ii] count)

GBPUSD 4Hour Chart is showing that the current trend has been broken to what appears to be the initial wave of Wave (iii) of Wave [iii].

Although most unlikely now, there is an alternate count for a possible further raise in a continuing Wave [ii] correction towards the %61 retracement.

The 60Min Chart is showing a rather odd impulsive Wave i of Wave (iii) and, if this count is correct, we should expect Wave ii correction to move the price higher towards Resistance levelsbetween the %38 and %62 retracement levels, which in turn is within the 1.2300 price area.

Once Wave ii correction is completed we should expect the impulsive moves to the downside to continue for Wave iii of Wave (iii) of Wave [iii]... so the move should be important !!

All the best for everyone and please do not hesitate to contact me if you have any questions or comments.

Andres

info@tradingwaves.org