USD/JPY Slips Lower

I can’t say that yesterday was an easy day. The fact that USD/JPY has slipped lower this morning didn’t help. However, as far as I can see, we have completed the pullbacks in EUR/USD and GBP/USD. In USD/CHF we are looking at a deeper pullback.

Basically, the pullbacks in EUR/USD and GBP/USD should be seen and that allows USD/CHF and USD/JPY to complete their final losses. The relative moves within the majors are basically quite equally measured. Therefore, I suspect we’ll get back into general correlation by the end of the day and – hopefully – we shall see a more balanced directional development from next week. Thus, just think “pullback and reversal” and then watch the relative developments through the majors.

The comments above provide a guideline for EUR/JPY. It has seen some ragged swings but basically bearish although it needs an initial pullback (most likely limited) and then for the follow through lower. This should promise the larger directional move. Perhaps it will begin today – but certainly next week I feel that EUR/USD is going to be more bearish than USD/JPY will be bullish.

The Aussie should now begin to develop in a more measured way and should follow the template of EUR/USD and GBP/USD…

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