USD/JPY fell during most of the session on Monday, but bounced hard off of the 78 handle. Is it possible that the Bank of Japan is now intervening in a clandestine manner at this level? Wouldn't be a big surprise as they admitted to doing the same thing a few months ago. Consolidation looks to be the word in this pair.
EUR/USD fell hard most of the session, but the Americans sold off the Dollar in another round of "hopium" as far as Europe is concerned. The hammer that printed for the day suggests that the pair could bounce, but in an interesting twist - the Moody's agency downgraded the outlook for Germany of all places.