The market has calmed down as the European/London session comes to a close.

USDJPY remains above the support level of 105.01 to 105.10.   The low has been 105.14 since the break higher.

The EURUSD broke through the recent low on May 30th at the 1.5461 level and remains below the 1.5498 trendline support level from the daily chart (see previous post by clicking here).  The pair has bounced from the lows on the hawkish comments from Trichet and company but the bearish tone remains in place.  The 1.5461 low from May 30th has contained the upside so far.  A squeeze through the level could see the pair move toward the 1.5493 area where it good resistance should prevail.