The GBP/USD is in a potential wave 4 (pink) retracement. This pullback is strongly challenging the bottom of wave 1 (pink). A break above resistance (orange) will certainly make current wave count invalid.
The USD/JPY has levels above and below that could indicate a potential breakout. A bullish break would most likely lead to a continuation of wave X (brown) whereas a bearish break would probably see a continuation of wave Y (brown).
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