EUR/JPY started the session on Wednesday against several bearish forces. The 50% Fibonacci level, a down trend line, and the 50 day EMA all lined up against bulls. The pair did in facty fall, but in the end saw a but of support at the 97 handle. It still however, looks as if lower is the overall direction going forward.
The USD/JPY pair initially fell for the session, but managed to pop a bit as well to form a hammer in traffic. The pair looks to be supported at the 78 handle by the Bank of Japan - of whom will will not argue with. The 78.60 level is key for the buyers at this point.
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