The USD/JPY pair bounces off of the 80 level yet again, showing how important the support are really is. We could see a scalper's market being formed, as many trader are undoubtedly buying at 80, and selling at 80.25 or so. The highs are getting lower, so one has to wonder whether or not the market is going to try and test the resolve of the central banks below?
The EUR/JPY has started to form a massive consolidation area, between the 113.50 and 117.50 areas. The 115 will serve as some kind of "midpoint" in this pair, and if we can get above it on Teusday, we may run back towards 117.50 or so.
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