The EUR/USD is challenging the support trend line (blue), which is a key bounce or break spot. This bearish retracement could complete a wave 2 (purple) although the bearish momentum could also create a larger bearish ABC (see 1-hour chart).
The EUR/USD needs to break the support (blue) or resistance (red) trend line before a new breakout can be expected. A bearish break could indicate a continuation of bearish wave 5 (red) whereas a bullish break could indicate 2 scenarios:
The USD/JPY is testing the support trend line (blue). A bullish bounce could indicate an uptrend continuation whereas a bearish break could indicate that price completed an ABC rather than 123 which could create more downside.
The USD/JPY is in a potential wave 4 (green) as long as price stays above the support trend line (blue) and 61.8% Fib.