Yen crosses are where the action is

Looks like the focus has turned back the yen crosses following the BOJ failing to announce any further QE plans today with the weaker US GDP numbers an additional catalyst. We are probably also seeing some longs that were holding out hope for a break above the 100 level also cutting their losses.

USD/JPY is pausing ahead of the 98.00 level but looks like it will continue lower to test the 21-DMA and i continue to look for a 95.72-100.00 region to define in the coming weeks. As far as the yen crosses go, GBP/JPY (152.02) comtinues to flirt with the 152.00 level with it now focusing on a continuation lower to around 151.00. AUD/JPY (100.80) is trading back below the 21-DMA and looks like its headed for the support around the 100.oo level while EUR/JPY (127.83) is also just above the day’s lows and potentially on its way back to the 125.00 level.