USD/JPY has reached the 77.04 low, hitting the 19 weeks low. As the currency pair is getting closer and closer to the 76.25 low (March 19th, 2011), the BOJ has stepped up the speculations of a “solo intervention” to weaken the Yen. Don’t expect the U.S or the EU to coordinate with the BOJ an “international” intervention, since they are facing their own economic dilemmas.

EUR/USD took out 1.3968 major support line last week and hit the 1.3836 low. Intraday bias remains on the downside, as long as the 1.4280 minor resistance line is not broken. On the downside, if the 1.3836 low is broken it will continue the bearish momentum and target the 1.3750 major support line.

The Greek debt saga has been ongoing for months now and the uncertainty is building up. We have street protests in Greece against the Government measures of raising taxes and deep spending cuts. The European Union is not bluffing this time, it wants Greece to take serious steps if it’s looking for a new bailout package.

EUR/USD breaks above the 1.4344 minor resistance line and reaches the 1.4422 high. There are reports of Germany making concessions to allow a new bailout for Greece, which removed some of the downside pressure on the Euro. Intraday bias will change to the upside, if the price action sustains its momentum above the 1.4344 minor resistance line.