The September recovery rally by the Euro and Swiss Franc against the Japanese Yen became overbought in the second half of the month. A correction has duly followed for both rates.
The pullback now shows a loss of momentum. In the case of the single European currency, there is potential support nearby from the sideways area around Y138. Both the 50 and 200-day moving averages are located in the region and may also offer a lift.
There is a lateral trading region close by for the Swissie/Yen rate too, along Y115 (see also hotline for 25 September). Still, a more forceful up move would be required to confirm support for both pairings.