USD/JPY drops back below 148 as EUR/JPY unwind continues

All this week the price action in the EUR/JPY has been largely characterised by a downside reversal from what was an electric rise to above 164 (164.30 the high) most recently. However, since before the end of the month yesterday, the price action was dominated by an unwind in long EUR/JPY positions. Now that is hardly surprising given how far it has come in recent weeks and on the year as whole. The EUR/JPY closed the month out yesterday at 161.37 and earlier today it tried to rebound back above 162, but so far that rebound has blown out and it has now dropped back towards 161. The move lower comes amid a drop back in the EUR/USD, below 1.09, at same time as the USD/JPY gives up on an earlier rebound above 148.30. The USD/JPY is now falling back towards 147.75 and that is in part being pushed lower further EUR/JPY selling, but as usual it is not easy to detect which pair is leading the other right now