Asia is always wrong #3

We have been analysing some market folklore over the last few weeks, namely that the first move of the week in Asia, especially if it’s a big one, is always wrong.

I’m not sure that the lack of any major G7 comments on the currency market warranted a 150 pip fall in EUR/JPY but that is what we got in thin early trade. Half of that move has now been reversed.

If the myth is correct, this mornings low will be the low for the week in EUR/JPY.