Yen surges broadly as markets enter into US session. The rally is particularly steep against European majors. Both EUR and GBP are troubled by weaker than expected data. The limited movement in EUR/USD and GBP/USD is just a reflection that USD is consolidating after recent gains. And USD is awaiting tomorrow’s NFP. They are not indications that EUR and GBP are not affected by the releases.
The JPY Action Bias table show that for now, only AUD and NZD escape from JPY’s intraday pressure. For short to medium term, European majors are suffering.
EURJPY 6H Action Bias chart shows clear persistent downside momentum in the cross ever since breaking 132.5 handle. It’s on course for 128.94 low.
Similarly, GBPJPY 6H Action Bias chart also displays persistent downside momentum after taking out 151. 144.97 will be the next target after taking out 148.37 support.
