EUR/USD hampered by EUR/JPY again

On Friday the EUR/USD did eventually make a move above 1.0830. It reached a session high at 1.0845 just ahead of the 4pm London fix, which does imply a dollar selling order set for that event. Of course it did not punch back above 1.0850 and perhaps for that reason it drifted back into the US close, later ending the week at 1.0828. The further falls in the US stock markets after the European close weighed on risk and the major Yen crosses and that is surely one reason why the EUR/USD ran out of steam. It was due to the EUR/JPY falling back. It was an identical story for the GBP/USD and the GBP/JPY too, but actually more so, as the EUR/GBP rebounded further into the US close. The price action overnight and this morning has seen the Euro has not break any fresh ground yet. The range seen so far has been covered by 1.0805 to 1.0846. The further falls in the EUR/JPY today are once again the clear reason why the EUR/USD has not been able to make progress beyond 1.0850. It is just now trading at 1.0827