Dollar is gaining ground versus the Yen at midday on Monday. The 4-hour chart shows strong US Dollar momentum, but overhead resistance at the 79 figure, where the pair began its plunge, is strong resistance. Trading over 79 the next significant level is at 79.60 level (Aug. high). To the downside, the pair could test all-time lows. The risk to reward favors short positions approaching summer highs. The pair has been trading with high volatility.
Euro gets a "double-dip" boost from central bankers in Europe and the US. ECB bond buying and Fed QE3 sent the pair near a 1,000 pip rally ( resembling past rally ranges). Weekly chart suggests a Euro short position at this level has a high probability of success.