The current risk on sentiment in early trading is clearly in evidence on the currency array indicator for NinjaTrader as we focus on the yen complex of currency pairs on the faster timeframes. Leading the way in both timeframes is the GBP/JPY as sentiment for this pair continues to remain strong, driven both by strength in the British pound and weakness in the Japanese yen, with the CHF/JPY in close attendance. The Aussie yen too more broadly reflects current risk on sentiment, and even the NZD/JPY is also following these leaders in the complex, and shrugging off longer term doveish comments from the RBNZ which have weighed heavily for the New Zealand dollar in the last few weeks.
The odd man out in the complex at present on these faster timeframes is the USD/JPY which is reflecting some strong USD selling.
By Anna Coulling
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