USD/JPY 240-min & EUR/USD Daily (bearish) View
14 August 2018/9:58 p.m. ET
Added short USD/JPY...
USD/JPY 240-min view: Expecting the yen to once again play a safe haven role on a continued move lower in stocks. 61.8% retrace of Wave [i] comes in at 111.36 which it is now testing. Looking for this correction to cap at 111.70--78.6% retracement. I'm expecting a sharp move lower Wave [iii] on a risk-off move in stocks.
EUR/USD Daily: Price action--a break to a new loss--today suggests any correction higher in the euro may be over. Below is a bearish count showing an eventual move down to 1.0800-level. I have also noted a head and shoulder setup being traced out--the neckline broken today. Probabilities are rising the bearish view is in play. Near-term the pair is extended based on momentum.