Dollar falling
The USDJPY has broken below the 200 bar moving average on the 4-hour chart (green line in the chart below), and also below the swing lows that defined the lower floor for the USDJPY since November 6th. The 100 and 200 day moving averages (overlaid on the chart below) come in at 121.69 at 121.569, respectively. We trade between the broken levels above and the target levels below, but you have to give the advantage to the the sellers
Meanwhile over in the EURUSD, it too worked through the channel trend line (it could not get back below that 1.0945 level and the upside probe continued) and broke above the 1.0955 high from last Friday. The high stalled at 1.0975 so far, short of the 1.0980 level. But the longs now have a higher support area below to lean against at the 1.0950-55 and the shorts are feeling it.