The US stock market is making a late day rebound and the S&P looks as if it may close above the 100 day MA at the 2003.76 (current price is 2006 but activity remains very choppy and volatile). The 50 day MA at the 2040.70 remains a resistance area for the S&P now.
The rally in the stocks have led to rallies in the JPY pairs.
Looking at the 5 minute charts of each pair, the prices are so far staying below the 38.2-50% of the last trend legs lower. The USDJPY is now the exception as it moves above the 100 bar MA (blue line) and the 50% at the 118.72.
JPY pairs get a boost as stocks rebound.
Meanwhile, the EURUSD has fallen sharply after moving back above the closing level from yesterday at the 1.19319 level. Former Fed Vice Chair Kohn said that the Fed may raise rates in June and that may have helped contribute to a firmer dollar.
Action is getting a bit volatile in the late day US trading.
Action in the EURUSD is getting more bearish again