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EUR/USD on the drift as further EUR/JPY profit-taking kicks in

Since my last update, noting the drop back from new 15 year highs in the EUR/JPY, that cross has come back further and the drop below the previous noted, post US closing low has delivered further downside. The EUR/JPY has dropped back closer to 163 a short while ago and that has dented the EUR/USD. So, you can see how the EUR/USD and USD/JPY have moved lower in tandem and that is 100% driven by the EUR/JPY cross rate. The upshot of that, is that it has forced the EUR/USD to session lows a short while ago, as it dips underneath 1.0850 for the first time today. As to how far this interim reversal in the EUR/JPY will extend is not easy to gauge right now, but of course it has come a long way already this week. The EUR/USD is just now trading at 1.0848

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