GBP/JPY tested the weekly trendline and has held
GBP/JPY was the worst performer this week
It was a good week to be in foreign exchange. Unlike stock markets, it was well-behaved, almost shockingly well-behaved despite all the turmoil elsewhere.
The biggest percentage mover in major FX this week was GBP/JPY as it fell to 150 from 155. Note that the trendline since October 2016 has held -- at least so far.
Signs like that really add to the confidence that this episode isn't the start of something, but rather a very violent, very temporary blip.