It’s taken about 30 minutes to undo nearly 2 hours of work as GBP/USD falls to 1.6148 from feeling out resistance at 1.6180.

USD/JPY has been a big driver of the move as it runs up to 105.50 and just shy of the 105.58 2007 61.8 fib. We’ve already broke the fib overnight on a spike so it may still act as resistance as we trade 105.55.

USD/JPY Monthly chart 08 09 2014

USD/JPY Monthly chart 08 09 2014

Looking long term, again, we are facing pretty open skies for a run up to the October 2008 high at 106.50