NZD/JPY the biggest mover today, falling 0.75%.
In the past few days, technical patterns in EUR/JPY and GBP/JPY have pointed to breakdowns. The drop today splashed a bearing engulfing candle on the chart but it fell short of breaking the April or May lows.
NZDJPY daily
The thing about this pair is that it’s a killer to hold shorts because the negative carry so you have to get in and out quick. But when it falls on severe risk aversion it can be an absolute stampede. I remember back in the height of the crisis when it fell 11% in a single day!
