EUR/JPY raced higher from just below 117.00 to the 118.50 area right around the 16:00 GMT fixing. A turn to the topside in US equities helped fule to bounce as well, trapping some of the shorts set earlier in the day after awful European and US economic data, from PMIs to retail sales.
The rally has already retraced roughly 38.2% (117.80). 50% of the same rally comes in at 117.65.
