Short-Term Elliott Wave Update on the EUR/USD, GBP/USD, and USD/JPY Currency Pairs. Click on the charts twice to enlarge.

Here are my current main hourly counts for the Euro, Pound and Yen. Both the Euro and Pound are involved in major bear market thrusts out of triangles, and have a long way down to go. Downward momentum should be relentless, so corrections should generally be short and shallow. The Yen looks like it is finally, after numerous BoJ interventions, gaining traction in breaking loose from its long-held safe-haven label, exemplified by the USD/JPY pair rallying since May 9 while U.S. equities have languished.

Sid
http://elliottwavepre.wpengine.com