USD/JPY Looking to re-Test Lows

After finding resistance from the 200 hour moving average it appears the pair may be looking to re-test the 80.578 low. In this area we find support on both the hourly and daily charts.
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Bobbys Corner-Open Market-March.7.2012

Good Morning:

With the deadline approaching (Thursday), for Greece’s private creditors to agree to the bond swap-the markets are in a wait and see mode.

The swap will allow Greece to write down over 53% of the country’s debt.  The Greek government has determined that there must be a 75% participation to secure the next leg of their bailout.

Some weak data out of the EU was not helpful for the session.  German factory orders were down 2.7% from last month-and the expected  forecast was of +.5%.

ADP jobs report showed an increase of 216K private sector jobs created, which was higher than the 208K that was expected.

In US political news-Yesterday was “Super Tuesday”.  Mitt Romney did win Ohio-but by a very thin margin.

Romney won the majority, but Rick Santorum won 3 states out of 11.  It looks like the fight for the Republican nomination is going to drag on.

Asian equity markets dropped- Europe is higher-while USD Futures are higher at this time.

Oil is higher-trading over $105/bbl
Gold and Silver are all higher.

USDJPY Off 100 Week MAVG

The record Current Account deficit weakened the Yen, however the USDJPY pair has not been able to break through the 100 week moving average. A break above the indicator/38.2%/trendline resistance could put 2009 USDJPY levels into play into the new fiscal year in Japan (3/31 year end in Japan).
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USD/SGD bouncing off the top of this channel.
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USD/SGD bouncing off the top of this channel for the second time which might signal that the pair will start to test the bottom of this channel.