It finally happened. After weeks of warnings in this column about crowded yen positioning, USD/JPY has reversed violently — from an intraweek high of 163.94 on Monday to a low of 155.26 by Friday, before settling at 157.58. That’s an 870-pip intraweek range, the largest since 2024, and it has obliterated a month of carry […]
It’s been one of those weeks where the most honest market commentary is a shrug. EUR/USD drifted from 1.1528 to close at 1.1576 — a modest recovery, but within the context of a downtrend it changes nothing. USD/JPY eased from 160.18 to 159.96, pausing after its four-week charge. GBP/USD ground out a 120-pip recovery to […]
Some of the most useful market signals don’t come from price. They come from the absence of it. This week’s ranges across the majors were the narrowest since February: EUR/USD barely moved 70 pips from high to low, USD/JPY wandered between 158.6 and 159.3, and GBP/USD spent five days stuck between 1.338 and 1.351. For […]