It's all about risk-on again as US equities turn and lead higher 6 Feb
USDJPY posting session highs of 109.66 after the 108.46 Asian lows that seem like a lifetime ago. Yen sellers prevailing generally and helping to lift core pairs as earlier moves reverse.
GBPJPY up to 152.02 helping GBPUSD back up to 1.3885 also helped by EURGBP falling back through 0.8900.
USDCHF has been up to test decent offers/res at 0.9400 after holding 0.9300 earlier and with the SNB never far from being in the frame as per my order board post. EURCHF still languishing around 1.1570 though which also tells me CHF demand is not too far from the front either.
False dawn or the start of a deeper reversal for equities and risk sentiment? Too early to say and far too fickle to analyse too deeply but I don't think we've seen the last of the fragility just yet.
Go with the flow, the trend is your friend and other assorted mantras but remember mostly, ours is not to reason why ours is just to sell and buy.
See you all back here tomorrow for more fun and games in this ever fickle world of forex.
