Forex Trading: GBPJPY/EURJPY moving lower after breaking support yesterday

The GBPJPY broke through trendline support yesterday at the 210.97 level.  It is now approaching support at the 207.81 level where the 100 day moving average is located. 

The EURJPY also made a move below intermediate term support at the 164.62 where the 100 day moving average is located.  The pair is still above the 200 day moving average at the 162.24. This is the next longer term level the market will focus on.  The pair has not closed below the 200 day MA since May 9th 2008. 

The EURJPY is coming off a failure to materially extend the new trend highs above the 168.92 level.  The market was able to move higher, but it was not accompanied by a strong move to the next level.  In fact, the market simply waffled above and below the old high (see chart above). As a result, the pressure on the EURJPY has the potential to accelerate as the longer term bulls, throw in the towel and liquidate. 

The USDJPY is now below the 100 our moving average.  If the crosses continue to move lower this should pressure the USDJPY as well although pressure may also be via the EUR and the GBP.