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Forex pairs in this Article » USD/JPY (Barcelona) - After an initial rotation to the downside, all Yen crosses are back challenging new highs, with the GBP/JPY claiming fresh trend peaks, amid a soaring Nikkei (+1.5%) and a GBP/USD that is testing recent highs at 1.6325.

While a wave of JPY position squaring was seen earlier in Asia ahead of US Thanksgiving, the romance between the Nikkei 225 and its buyers has led to an abrupt fall in Yen crosses again, recovering most losses, as the strong correlation plays itself out.

From an ichomoku perspective, most G10 vs Yen crosses keep showing bullish signals in almost all timeframes, as any pullback continues to find a stampede of bids absorbing offers at a relatively shallow distance, communicating that the bullish momentum is very much alive, despite obvious overbought conditions.
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