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EUR/JPY and GBP/JPY taking the strain so far today

If you care to look closely at your major FX prices, you will see a clear-cut cross rate dynamic that has played out so far this morning. That is downside in the major Yen crosses. The GBP/JPY and EUR/JPY are both lower this morning and so are the likes of the AUD/JPY and CAD/JPY too, but more on those a little later perhaps. So, with the EUR/USD still under pressure below a noted Fibonacci support level (1.0793), the EUR/JPY is dropping too and that is also being delivered by an earlier failure of the USD/JPY to hold a rebound above 147. The USD/JPY has fallen back at the same time as the EUR/USD. That is clear to see right now. The question here is why and how much further might this have to run? The same can be said of the GBP/JPY too, but of course the BOE might have a say in deciding if the downside there right now gets reversed later today 

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