 Hi, welcome to the CMC markets currency snapshot It's been an interesting overnight session in forex markets the the dolly yen and The euro yen the pound yen anything versus the yen is absolutely tanked We're going to focus away from dolly in today. We're going to look at euro yen This pair has also dropped close to 400 pips But it's nearing a very significant support level which could open up some opportunities here So I've got this on the daily candlestick chart just to show you the extent of this drop that we saw today But really the importance here is more close to this 122 area if we zoom this out to a weekly chart You can see that this 122 Has found support once in February Found support again in April and now we're moving back down to that support and it's looking like it hasn't happened yet That this support could give way. This is actually the 50% retracement of this entire yen devaluation that began when the Bank of Japan first started easing policy and so that's um You know, that's a significant part of the move that's already been undone 50% if this level gives way 122 we actually could be eyeing the next Fibonacci level which is the 61.8 that comes in around 11550 Just below there if I zoom this chart out a little bit further You can see there's been a fairly significant long-term pivot area where the price dropped down in the 2008 financial crisis based around 114 and so 114 all the way down through to about 112 is a large zone But it's been a fairly important pivot all through this area all through these peaks here in 2012 and could be again on any drop through that 114 50 area if we are able to get there Keeping in mind of course that we do have this low from February 10th Which comes in around 119 So then should we see this break of 122 we're looking at possibly 119 targeting eventually 11550 That's that's the possibility that we're looking at here the trend all lines up We've had a fairly clear cut trend line down through these peaks We've not seen any signs of the trend reversing if we do get a push through that declining trend line Then maybe we need to reconsider what's happening here, but that's not that's not happened as of yet Fundamentally the the Bank of Japan seems to be damned if they do damned if they don't last time Well when they did act and cut rates into the negative the yen massively rallied here They've done nothing in the latest policy meeting and the yen is also rallied looking across to the euro the ECB Have eased policy, but the reaction been a bit more favorable the euro did rally But it's been declining against the yen The ECB have been emphasizing credit Whereas the Bank of Japan have been pushing more negative interest rates which has been less well received by markets So it looks like fundamentally and technically The euro it looks like it could fall down against the the yen here So that's been this currency snapshot. I hope that was helpful Jasper all signing out