USD falls continues

AUDUSD follows the USD lower. New day highs.

The USD has continued to fall, and the AUSUSD is not immune. It is trading at the highs for the day and away from its 200 hour MA (green line) at 0.6900 level. The next target is up a the 0.6932-36 which is home to a number of swing levels going back to May 14th. 

Looking at the changes and ranges for the major currency pairs, apart from the GBPUSD, the USD is trading near dollar low extremes (see chart below). The USD is the weakest of the major currencies today.

USD/JPY tests a break of the 100-hour moving average

The pair is closing in on session lows, falling to 110.16 and is testing the 100-hour MA (red line) again today. If sellers manage a break below that, buyers will lose near-term control as the near-term bias turns more neutral instead.
Risk sentiment remains rather soft in European trading so far as European equities are posting declines well over 1% now, with US equity futures also down by nearly 0.8%. Meanwhile, Treasury yields are at their lows with 10-year yields down 2 bps to 2.36%.
The undertones seen in markets today are helping to keep yen pairs offered with USD/JPY sellers looking to establish some control in the near-term again.
Further support is then seen closer to bids at 110.00 before the 200-hour MA (blue line) @ 109.89 will be called into question. Look out for those levels in the session ahead.
Update: USD/JPY now falls to a low of 110.11, new lows for the day

EURJPY stable against its 100 hour MA

The EURJPY based near lows from last week at 122.478 and other lows from May 13 and May 14  at 122.54. That area (lower yellow area in the chart below), was the floor for trading today. The price wandered higher off that base, giving the dip buyers some satisfaction.

The rise, however, has run into resistance at the 100 hour MA (blue line) at 122.915 currently.  The last 8-9  hourly bars, have seen traders lean against the MA line, but has failed to go above. 
Yesterday, there was an ever so slight break, of the line, only to fall off.   On Tuesday, there was a bigger break, but after extending higher and remaining above the MA line for about 9 hours, the pair fell back below.  
If the buyers are to take back more control from the trend move lower, the 100 hour MA needs to be broken and stay above. 
Then the focus will be toward the upper trend line and the 200 hour MA (green line) at 123.174. Apart from a brief rise above that longer MA on May 1 and May 2, the price has not really traded above the 200 hour MA since April 18 when it was up at 125.94. That is over 300 pips ago.
Failure to get above those MAs, keeps the sellers more in control. 
On the downside, the 122.478-54 is the key level to get and stay below.  It is home to 6 swing levels (see red numbered circles). The price did trade below it yesterday, and did go down to 122.076 on the break. That will be the next target if the 1.22478-54 can be broken. 

GBPUSD steps to a new session low

The GBPUSD has stepped to a new session low.  As it does the technical picture points lower.

Looking at the hourly chart the pair has been stepping lower.  It all started at the high yesterday which stalled at a well defined swing area (ceiling).  It continued through a floor area at the 1.29808 area, and then the lows from last week at 1.29669 area. Today the highs, took small peeks above the 1.29669 to 1.12970, but that’s it.  PS. the price is also moving away from the 200 day MA at 1.29564 (although price action was above and below earlier).  The sellers remain in control.
Now there is also ups and down today, and as mentioned, traders toyed above and below the 200 day MA.  That is a problem, but can be explained away as “the market trying to decide what’s next”.  That “next’ is to new lows and moving away.  Risk can be that 200 day MA. A closer risk might be the low from yesterday at 1.2941.  
Looking at the daily chart below, the pair is moving away from its 100 day MA (blue line) and the 200 day MA (green line). The 50% of the move up from the Jan 3 Flash Crash low, is at 1.29163 area.  On more downside, the 1.2888 and 1.28637 are downside targets (see chart below).  Move below the 1.28637 and The 1.2800-060 area becomes the next target.