USD/JPY Still Softer

We saw the USD hit hard this afternoon during and following Ben Bernanke’s testimony. In some instances, like the EUR/USD, we are starting to see some profit taking and mild retracements of earlier upward moves. However, the in the case of the USD/JPY we are seeing no recovery yet as the USD continues to sell against the JPY. After breaking through old support levels at 81.61, we see no significant levels below which could indicate possible support until 81.254; the 100% retracement line on the move from Tuesday’s low to yesterday’s high.