EUR/JPY
With a rise all the way back to 115.55 this rally corrected more than 80% of the decline from 115.96 to 113.65. That means we are likely looking at a flat correction or a triangle correction. If it is a flat correction we should see a clear five wave decline to below 113.65 to end this correction. If however, this is a triangle we should not break below 113.65 before the next minor corrective rally. At this point it's still impossible to say, which of the corrections that will be the right one, but I normally always go with the simplest kind first, which is the flat correction calling for an impulsive decline down to 113.24 as a minimum target.
Short term we will likely see minor resistance at 115.22 protect the upside for a break below 114.79 for a decline towards 113.93 and maybe even down to 113.55 before the next correction is seen. Only a break above 115.55 will confuse this count a call for a new test of the 115.96 - 116.00 area.
EUR/NZD
As we still have not seen a break above 1.5908 and more importantly 1.5988, which means we could still see a deeper correction towards strong support at 1.5671. However, we are seeing a clear loss of downside momentum, so a break above minor resistance at 1.5710 will be the first indication, that a new rally towards 1.5908 is developing and a break above 1.5908 will be the first indication, that a bottom is in place and the next major rally under way. However as long at minor resistance at 1.5710 protects the upside we must allow for one last move down to 1.5671 first.
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