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"USD/JPY has been trading through the graphical support of 100. Short term indicators have been posting positive divergence however a meaningful recovery has so far remained elusive. Short term, a retest of recent lows at 98.90/98.20, also a projection for the down move can't be ruled out. However this will remain a crucial level.
In case this gives way, USD/JPY will head for a deeper down move with next projections at 97/96.80 initially. 100.60 is an immediate resistance while hourly descending trend at 101.40 will affirm early signs of recovery.
AUD/USD tested the neckline of the inverted H&S at 0.7780. The pattern highlights significance of the stabilization after a steady downtrend until January this year.
A break above 0.7780 will confirm the formation and indicate extension in rebound towards last May highs of 0.8160".
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