The dollar's decline was quite fast, particularly last week, so it's very likely we will see a correction upward. Sentiment remains bearish for the dollar, but the currency needs to rebound first.

These two currencies see an overbought condition against the dollar and technically may face some slides for now. Their rising trends will remain in place but we need to have a downward correction first.

As the yen looks to halt its sharp gains in the past week or so, investors started to take advantage of the stronger currency to buy overseas assets.

We could have hit-and-run moves by speculators trying to break those levels around 117.30-117.35. This meeting could be a milestone in Japanese history so it's hard to push the yen lower even if rates don't rise soon.