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Forex Recap: JPY Strengthens Across the Board; AUD slides

There was a bit of risk aversion as the 3/11 trading session wound down.

This usually and did correspond with a strengthening in the Japanese Yen.

The USD/JPY was quiet after the BoJ Press conference, but started to fall after mid-US session, falling just below 103.00 by 2:15PM ET. This is still within the context of a pullback after a breakout last week, so the short-term outlook should not be bearish yet. 

But in the next couple of sessions, we can see some more consolidation, and perhaps a retracement back towards the 61.8% retracement before the market can extend higher.

(USD/JPY 1H Chart)

EUR/JPY is stalling at a projected channel resistance, but appears to be resilient. Even with a dip, we should monitor the area around 141 for possible support.

(EUR/JPY 1H Chart)

GBP/JPY's dip is more pronounced than EUR/JPY's. The 4H chart shows the pair falling toward old resistance area, and coincidentally a projected support. If the market stabilizes in the near-term, we might look for this area just above 170 as possible support.

(GBP/JPY 4H chart)

The AUD/USD and AUD/JPY are both sliding. I initially looked for a dip to buy on, but the fall is too sharp to consider that now. You know the saying "don't catch a falling knife" - this looks like that situation. I am at least wait for some near-term consolidation of the drop before considering to buy-on-dip.

(AUD/USD and AUD/JPY 1H Charts)