We can finally see weakness of Japanese yen and USD strength which has something to do with a turn-down on 10-year U.S. notes in the last 24 hours, while stocks are turning up, especially Nikkei and DAX. As you know Nikkei and the U.S. dollar/Japanese yen (USD/JPY) currecny pair are in strong positive correlation, so if Nikkei is turning up following a completion of an A-B-C set-back then we know that USD/JPY should also be now back in bullish phase. In fact, we see clear five waves up on USD/JPY from 112.55, so trend is turning back to bullish mode, possibly even with sharp price move ahead if we consider that in the previous decline market formed an ending diagonal down in Wave C of Y) of 4. As such, we would be interested to look for entries on this one, but as always, we need a pullback lower into Wave 2.
The British pound/Japanese yen (GBP/JPY) currency pair is also a very interesting cross for a possible long, but again, we need a pullback. Keep in mind after every five waves, pullbacks should occur in three sub-waves.