There had been speculation last week that we would see some semi-official buying of USD/JPY were it to break below 77.00. I haven’t heard any reports yet of any such buying. Next technical support is a daily low near 76.55, so perhaps we will hear/see them there?
The daily close below 100.00 in EUR/JPY is a bearish event and selling rallies is the preferred strategy there. Initial technical resistance on the hourly chart is near 99.85, the 38.2% retracement of 100.70/99.30, and also a previous hourly high.
