EUR/JPY rallied to the low 125.80 as US equities enjoyed a morning bounce but it is giving back those gains in a hurry as equities lose their gains. Same story for the two legs of the cross as both USD/JPY and EUR/USD pullback quickly. EUR/USD reached 1.2890 before dipping all the way back to the present 1.2820 level. USD/JPY is at 97.25 from 97.75.
Should stocks turn decisively lower, the market is much less short EUR/JPY now so a deeper pullback could unfold. 123.40 is solid support intraday.
