Update: GBPJPY, USDJPY, EURUSD

We continue to watch the above three pairs and so far, with the exception of USDJPY, we have had to make some minor adjustments for GBPJPY and EURUSD.

GBPJPY: After plotting the previous Wolfe Wave, a key price level was the 156.768, which was point 2 of the Wolfe wave. Price managed to breach point 4 but only by a few pips and short of the key price level.

A short position initiated at this reversal point is staying up with stops at 156.768. It is likely that price action will continue downwards to 150.453 and 147.574.

Below is the updated Wolfe Waves for GBPJPY.

GBPJPY - Updated Wolfe Wave

EURUSD: EURUSD showed a bit of confusion but so far price action is respected the trend line 2 - 4. However, given that today is the NFP release, it will be interesting to see how it will play out. There is still room for the downside, so long as price doesn't fall below 1.286 which infact is the estimated price target.

It is quite likely that we will have to re-adjust the EURUSD wolfe waves later this month, given the FOMC minutes due later in September.

EURUSD - Re-adjusted Wolfe Wave with further room to the downside

Possible Price Moves during today's NFP.

The downside targets are 1.30213, which forms the 61.8% retracement. A break below this level and a further drop would be a first indication of a possible invalid Wolfe Wave.