EUR/USD gets another backstage pass from the USD/JPY

The EUR/USD is higher this morning. That is largely thanks to the fall in the USD/JPY after the BOJ rate increase. Yesterday the Euro hit a low at 1.0373 right on the 4pm London fix. The rebound that followed came as the USD/JPY reversed lower and that helped the EUR/USD charge back to 1.0438. The EUR/USD later closed in the US at 1.0415. The price action this morning has seen it trade a range covered so far by 1.0412 to 1.0454. Now earlier in the week the Euro topped out at 1.0457, so as you can see, it is yet to get above that high this morning, but sure is close just now. If you look at a daily chart of the EUR/USD you will see it is still making a corrective move higher and right now above the current 50 day moving average (right now at 1.0431). In December a prior attempt to rebound stalled at 1.0458 and that also explains the stalling at 1.0457 earlier this week. The prospect of more upside is clearly dependent on the USD/JPY right now, as indeed it has been all week so far. The EUR/USD is right now at 1.0457