Eur jpy

If we are to see the re-emergence of a trend in FX, it will likely be in yen pairs pushing higher along with stocks

The yen was already supported by global growth concerns, before the ECB took a sledge-hammer to the Euro with a fresh round of TLTRO’s and slashed growth forecasts. And judging from price action on EUR/JPY, we don’t think bears are done just yet.

Although the EUR/USD’s rally faltered as the stronger US GDP data underpinned the dollar, other euro crosses remained generally supported in this first half of the North American session.