EUR/JPY Bounces Off The Channel Support, Boosting USD/JPY

The EURJPY tested and bounced off the hourly channel trendline at the 131.05 level.  The low reached 131.01.  The market should find support against this level today and this in turn could give the USDJPY some support as well.

The USDJPY has rebounded after breaking below the 92.39 low closing price from July 10th. The low today reached 92.22.  Upside resistance in the USDJPY currently comes in at the 92.67 level where the 100 bar MA on the 5 minute chart is located.

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