The USDJPY is sharply lower today and so is the EURJPY and GBPJPY. What are charts saying?

The USDJPY is sharply or lower today on the back of comments from BOJ officials including hints of bond selling at the June meeting. What about the EURJPY and GBPJPY?

Both those currency pairs have seen sharp declines as well.

For the EURJPY, on the 4-hour chart, it fell below its 100 bar moving average on the 4-hour chart at 169.598, and a swing level at 168.656 on its way to the 200 bar moving average on the 4-hour chart at 167.998. Support buyers came in against that level and have pushed the price back toward the spine level at 168.656. A battle is going on between those two technical levels in the short term. Going forward it would take a move below the 200-bar moving average at 1.67998 to increase the bearish bias.

For the GBPJPY it fell below its 100 bar MA on the 4-hour chart at 198.62 but found support buyers at the 38.2% of the move up from May low at 197.144. The price is between those two levels on the fall today. Traders will use those levels as resistance and support today and going forward.

This article was written by Greg Michalowski at www.forexlive.com.