Forex technical analysis: The JPY pairs getting hit but testing key support targets

Key MAs approached in the USDJPY, EURJPY and GBPJPY

The JPY pairs are all getting hit. The USDJPY, EURJPY and GBPJPY are all trading to new session lows. Stocks have given up gains and are lower, and US yields are down as well with the 10 year yield down -3.5 bp and 30 year is down -4.7 basis points. Goldman cut US GDP to 2.0% from 2.5%. The Atlanta Fed GDP estimate is down to 1.9% from 2.5% last week.

Technically, the major JPY pairs are testing support targets on the weakness. Do traders stick a toe in the water at the support target levels and stall the fall? If they do, I would expect a short leash (5- 10 pips below the MA levels).

USDJPY

EURJPY

GBPJPY