USDJPY the strongest. GBP is the weakest

The dollar has done fairly well today - rising against all the major currencies with the exception on the USDJPY

EURUSD: The EURUSD has fallen below support at the 1.1023-28 area. The last 16 trading days has moved below this level on only 4 hourly bars. Today the last 8 bars have traded below this area with the last 6 bars closing below the level.

That is the good news for the sellers. The bad news for the sellers is the sell off below the support took out the prior low from July 8 by 1 stinking pip at 1.0999. Really? That's it? In the new day, watch to see if the area holds resistance. If it does, we are all but assured that we will be trading in the 1.0900s (unless we have a 30 pip trading range). A move back above the extreme area may solicit more buying on the selling disappointment.

GBPUSD.

The GBPUSD broke a neckline of a Head and Shoulder and is trading near the day lows. The measured target would be toward the low from last July 6 at 1.2791. The next target is 1.3046-54. The 1.3046 is the swing high from July 7. The 1.3054 is the 61.8% of the move up from July 6 low. Below that 1.3017.

USDJPY

The USDJPY peaked above the resistance area at 106.24-43. The high reached 106.53. This area is defined by swing highs/lows going back to early June (yellow top area in the chart below - does not show all the points back to June). The move above resistance failed and the pair fell back below the close from Monday at 106.14 (trading at 106.07 currently). If the selling should continue, the rising 100 hour MA (blue line in the chart below) will be eyed. It comes in at 105.56 currently (and rising). The bears are not taking control if they cannot push the price below the 100 hour MA at the miniimum.

EURGBP
The EURGBP moved above the 200 hour MA at 0.8421. The high reached 0.8426. The 50% of the move down from July 6th comes in at 0.8436. Typically, when the 100 and 200 hour MA are spread out like they are, sellers lean against the 200 hour/50%. Risk is limited. If the selling starts to get going a move to the trend line at 0.8372 (and rising) and or the 100 hour MA (at 0.8366 and risking gradually) will be eyed.