About the best we can hope for this afternoon is a bit of “been down so long, feels like up to me”….The US economic data has been absolutely dreadful so far this week but besides yesterday;s pre-data dash to 1.2587 in EUR/USD and the quick slump to 83.61 after existing home sales, we’ve pretty much been backing and filling.
Perhaps we get a another test of the range top in EUR/USD in the crucial 1.2725/55 window and another shot at key 84.75/90 resistance in USD/JPY, just for giggles. If not, more sideways slop…I doubt we make a big run to the downside in USD/JPY or EUR/JPY today as we tried that already and failed miserably…
Present levels 1.2657, 84.66, 107.15…