USDJPY

The USDJPY sold off hard through 100 and 200 moving average, got to with 10 pips of the trendline (see post from 9:07 AM by clicking here) and bounced hard.  Now testing the 100 hour moving average on the upside. 

This should be bearish for the pair.  Support at 103.90 which is the trendline support

A close below this level on the hour will be bearish for the pair.  However, the activity is not all that active so the move might be muted.

Still seeing JPY getting paid in the USD/JPY component though stochastics are looking a little over sold and very near some strong formation support.

The EURUSD once again found support against the 1.5369 level while the USDJPY found the resistance at the 105.65 level.  Both levels held twice so far. 

GBPUSD is testing the lows from yesterday at 1.9711-15 area.  EURGBP has consequently bounced fro the lows today and is testing the 21 houur moving average at 0.7813 (low was 0.7775). 

Needs to break through this level to advance higher.

The USDJPY is tested the 200 hour moving average after flying through the 100 hour moving average.  So far it has bounced.  Over the last 24 hours the pair has extended below the key intermediate term moving averages (yesterday), then back above it today.  Now it is has tested the downside again. 

The USDJPY broke to the downside yesterday and could not hold.  Today it remained between the 100 and 200 hour moving average for most of the day, but just broke strongly higher at 104.21.  Expect the 104.21 level to hold support early in the day with buyers on dips. 

The USDJPY is testing the 103.61 after selling off sharply on the break earlier today.