The one currency that has shown a great deal of strength across the board today has been the yen.

While giving some ground back to the euro, the Japanese currency remains at high levels against both the pound and dollar. There has been little positive data out of any major economy this week and particularly following terrible US housing data on Tuesday and Wednesday, and coupled with the negative tone of the FOMC statement, it is not surprising to see the safe-haven yen attracting a lot of buying attention. From a technical perspective though, the USD may have found some support. Since dropping to around 89.20, the dollar slide has been halted at least temporarily, and momentum to the downside has abated somewhat. Interestingly, this is almost the exact same level where this pair found support on May 21 and May 25 of this year. If the drop continues the next level of support may come in near the May 20th low just past 89.00. However, a break lower and there is not a lot of previous price support until the May 6th low at about 88.00.