EUR/JPY has been in a sideways chop for so many months, it is hard to get too excited about it, but today’s probe below the 200-day moving average ended up getting rudely rejected, keeping a sideways pattern intact. If EUR/JPY retains its risk barometer role (I’m highly dubious of that thesis these days) then we can assume equities and commodities are merely taking a breather today…EUR/JPY heads into the close about 100 pips above session lows, now at 132.80.
USD/JPY was nasty business today, falling below the 88.70 level that had been an important support, but failing to follow-through to the downside. It has managed a squeeze up to 89.08 thus far this afternoon.
