Shorts getting squeezed a bit...

Stocks remain supported That is helping the JPY crosses like the GBPJPY, but not the USDJPY.

SO we are seeing the GBPUSD and the EURUSD rally instead.

The GBPUSD has corrected near the 50% of the days range at the 1.30969 level (see chart above).

The EURUSD is also moving toward the 50% of the days range at 1.11029 level. IN the process, the pair has been able to hold the 200 day MA and the 100 bar MA on the 4-hour chart at the 1.1077/78 area.

Friday in the summer liquidity conditions are light so be cautious.