The forex trading headlines from the European morning session 23 May

Wow, where to start! Too much going through to provide detail on everything but a crazy session which began with USDJPY chewing through good support around 102.80 and then making lightwork of other levels down to 102 as the Nikkei kept on falling. After wiping its feet for a while the pair sliced through strong 101.80 support as if it wasnt there and was soon also ridiculing the key line at 101.50 posting 101.44 lows. Cue a strong rally to 102 before falling again as Amari opened his mouth and said he didn’t see anything too untoward in the drop and that the BOJ would continue to watch JGB movement closely. 101.50 soon gave way again and then another shove lower to 100.82 before finally finding further support. Rallying again to 101.80 in a rush as I type.

Yen pairs were pulled every and each way with AUDJPY falling to 97.29 dragging AUDUSD down through 0.9600 support to post 0.9594 before surging back up to 0.9722 taking out strong offers at 0.9700 along the way. Similarly NZDUSD has bounced back from 0.8005 to 0.8095. EURJPY fell to 129.96 before rebounding to 131.10 while GBPJPY plunged to 151.78 before retracing to 153.38 currently.

The swiss franc also came in for some rapid correction with USDCHF falling from 0.9819 to 0.9634 and EURCHF from 1.2598 to 1.2420. Safe haven flows and proft taking/stop-loss selling giving fuel to rapid drops before re-bounding as the morning went on. GBPCHF has bounced from 1.4500 to 1.4600 having previously posted 1.4753 highs

EURUSD and GBPUSD did little to begin with as USD sellers ran into JPY-pair sellers but after better than expected PMI data EURUSD has flirted with 1.2900 again after 1.2824 Asian lows while cable got a bit of support with an unchanged second reading of Q1 GDP with highs of 1.5095 so far. Earlier it had held up above strong barrier option related support at 1.5000

Blink and you missed it today. Somehow I can’t see that changing anytime soon.