The majors consolidated for the most part on Friday following a slightly better than anticipated consumer confidence number.

EURJPY mounted a countertrend rally through Tokyo and London on Friday before selling off again through the U.S. session. The fact that this market cannot hold a Friday counter-trend rally is likely pointing to a move to 155 and beyond. With U.S. equities in a full blown bear market it would be very difficult for this market to mount a rally from here, which will only strengthen the shorts' hands.

USDJPY mirrored EURJPY for the most part intraday but continues to hold above Wednesday's lows which continues to support traders believes that selling new lows in this pair is a dangerous play given the BOJ's reputation for not being shy about trying to manage, i.e. temper, the Yen's upward pace.

GBP again sold off to enforce its downtrend following a disappointing retail sales number. Traders will get a look at possible support in this market on probes toward 195.00.

EUR traded flat again on Friday which to me supports a downside bias and reinforces traders' and analysts' beliefs that the current double top formation with MACD divergence on the daily chart is for real.

It is a 3-day weekend in the U.S., meaning lower volume for most currency pairs on Monday. U.S. desks may not be fully staffed, but there will still be plenty of senior traders on the screens come Sunday night because of the increase in volatility we're seeing in so many markets.

Should you have any questions about markets or trading strategies please feel free to give me a call.

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