Prior to today's market action, the consolidation across the majors finally gave way with the USDJPY leading the decline @88.60 from a registered high @90.20.
Although, prices declined and currently stalled at these levels of correction @88.72 as of this writing- the USDJPY is facing a technical correction due to a buying divergence between these prices prompting a session to session recovery for the USD vs. the Japanese Yen. While resting at its present support session level and still within a secondary rising channel as indicated on the chart figure 01. And the spillover to the rest of the cross rates related to the Yen have been more affected than the other majors.
The prices correlated to this decline among the cross rates have provided the relief that some traders have been so eager to see in the market, The GBPJPY continued its prices lower @139.79 with a corrective move currently @140.75. Prompting some liquidation from earlier longs that saw a relative reaction from the decline of the Sterling Pound.
Although, prices declined and currently stalled at these levels of correction @88.72 as of this writing- the USDJPY is facing a technical correction due to a buying divergence between these prices prompting a session to session recovery for the USD vs. the Japanese Yen. While resting at its present support session level and still within a secondary rising channel as indicated on the chart figure 01. And the spillover to the rest of the cross rates related to the Yen have been more affected than the other majors.
The prices correlated to this decline among the cross rates have provided the relief that some traders have been so eager to see in the market, The GBPJPY continued its prices lower @139.79 with a corrective move currently @140.75. Prompting some liquidation from earlier longs that saw a relative reaction from the decline of the Sterling Pound.
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