EBS, the largest trading platform for the interbank forex market experienced a technical problems that may contributed for USDJPY freefalling during the US session. Or, maybe the heavy selling indicates that the Yen is starting to regain back its status as safe haven. Given that the psychological 100 level is such as imposing number, it maybe a bridge too far to cross over.
Technically , USDJPY cross over the 38.2% retracement of A-C for the second time at 14:00 GMT(the aqua rectangle). The fall was stop short at 1.618 extension of B-C and the 76.4% retracement A-C (the first aqua triangle). The market rebounded from that level to the 50% retracement of A-C and 100% extension of B-C.
The next fall in the cross, carried the prices to a low at 100% extension of A-C.
