The USD selling has also washed across to USD/JPY and it has dropped 30 pips in the last few hours just as the USD has lost ground against the other majors.
I’ve just been chatting with a macro-trader friend of mine who likens the current USD-bearishness with the dot-com fever of the late 1990’s. The entire market, bar no-one, is short USD or bearish USD or both. A market becomes susceptible to a major reversal when it is all positioned one way and more importantly, is comfortable with its direction.
I can’t guarantee that this trend will end anytime soon but the danger signs are emerging.