The market is once again quiet and somewhat directionless.  The USDJPY has fallen under the pressure of lack of any more upside momentum.  This morning there was a large bid at the 103.55 level which may attract some aftenoon demand

The EURUSD remains above the 1.5650 level which is the 100 bar MA on the 4 hour chart.  It also is the 50% retracement level of the move from the high on April 22nd to the low on May 8th.  A move below this level may cause some market players to cash in the intraday chips. 

The GBPUSD held below the topside resistance at 1.9715.  Support remains at 1.9626 -the 100 bar moving average.