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EUR/JPY continues to stump the EUR/USD
Earlier this morning, as the USD/JPY fell back to 149.20, the EUR/USD pushed a little higher, reaching a session high at 1.0480. That came even as the EUR/JPY dropped back towards 156. Well, now that the USD/JPY has lifted off that low and risen back above 149.50 just now; that has sent the EUR/USD lower. Once again this is push me, pull you price action and all due to price discovery. So, despite the EUR/JPY rising too, the EUR/USD simply has to fall back, because that EUR/JPY rebound is simply not dynamic enough to keep it elevated. So, we have the EUR/USD once again caught in the tractor beams of the USD/JPY and the EUR/JPY and that explains the overall lack of direction and continued stunted range in the EUR/USD. So far today that has been covered by 1.0456 and 1.0480. The EUR/USD is right now at 1.0467
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