In reviewing the Euro Yen pair into the Japanese close and the European open, we notice the pair trading heavy, with the Yen trading better across the board. Examining the 4 hour chart from the lows to the highs for July, we notice the Yen testing the 61.8% retracement level above the 167 handle. Please note the pair has broken the 38.2% and 50% retracement levels as well as the 200 day moving average the first day of August.