EUR/JPY
What looked like a perfect triangle developing yesterday, is not even close today. That is exactly one of the tricky things about corrections, they can look like one thing one day and the next take a hole new shape. I did say, that I would go for the flat correction as my favorite, because this was the simplest of the two types of corrections and this has pay out, but what is next? I'm still looking for one last decline closer to 113.24 as long as minor resistance at 114.51 protects the upside. However, a break above 114.51 will call for a bottom already in place at 113.55 and a new rally higher towards 115.24 and more importantly resistance at 115.55. Any break above 115.55 will confirm the next rally higher trough 116.00 for a move towards the 117.50 - 117.90 area.
EUR/NZD
We a new low we are getting very close to the support-line back from August 2012. This support line will ideally protect the downside for a rally above minor resistance at 1.5752 and more importantly a break above 1.5841, which will confirm the bottom for a new rally higher towards 1.6058 and above 1.6219. However if the support-line is broken we have one last line of defence with the low of black wave ii at 1.5445. If this support breaks too, then the above count is wrong and I will have to adapt a much more bearish count.
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