The currency pair is presently recovering, but it has to gain a foothold above 0.91 to confirm its bullish intentions.
USD/JPY started this week on a strong footing, as it rebounded from the key support last week.
For the time being the monthly S1 level seems to be able to hold the bears.
Behaviour of EUR/USD yesterday confirmed that the bias is to the downside, as the rally from 1.3350 failed to remain intact.
The Greenback continuously trades around June high at 1.0961, which tends to slow down the pair's advance for now.
AUD/USD has little changed today, after last week's fluctuation, when the pair breached the monthly PP at 0.9362 and later dropped below Bollinger Bands at 0.9258.
Last week EUR/JPY dropped below the weekly and monthly S1 at 136.23/135.81 reaching a new 2014 low at 135.72; however, the pair managed to reverse the losses the same day.
Previous week was not any different from the one's before as the pair depreciated below the 200-day SMA at 0.8503 and prolonged its down-trend.
The Greenback remains below 0.91, the last hurdle that needs to be overcome to reach this year's high.
As turned out, USD/JPY required assistance of the major rising trend-line at 101.53 in order to preserve chances to rally.
GBP/USD has just hit the monthly S1, and if the bears keep forcing the pair to go lower, there are also the 200-day SMA and May low that are ready to help the Sterling.
The support at 1.3350 proved to be significant last week by keeping the Euro away from 2013 Q4 low.
Though most of the daily technical indicators (five out of eight) are pointing South, NZD/USD is unlikely to give up any more ground, the reason being a strong cluster of supports around 0.84.
USD/CAD is struggling to overcome the resistance at 1.0979/60, represented by the weekly R1 and June high.
Yesterday the pair confirmed presence of an accelerated falling resistance trend-line and slid down to the weekly S1.
EUR/JPY punched through this year's low that was established on Feb 4, but the bias is to the upside.
USD/CHF remains unable to cross 0.91, as it keeps getting pushed back after every attempt to get closer to the 2014 high.
USD/JPY is currently testing a cluster of supports at 101.97/82, which is considered to be able to stop the pull-back and return the pair to a bullish path.
EUR/USD keeps trying to push through the support at 1.3335/28, a breach of which will pave a way towards the key level at 1.33.
As implied by the near-term technical studies, the British Pound continues to cede ground against the Dollar.
The New Zealand Dollar has regained some small part of its losses trough last two trading days.
At the moment the pair is trading slightly above the 200-day SMA at 1.0917, after yesterday the Greenback tested the weekly R1 at 1.0980.
The Australian currency dropped rather significantly after yesterday breaching the monthly PP at 0.9362.
The European shared currency touched the 20-day SMA at 137.13 earlier today, after falling to the lowest level this year at 136.17 yesterday.