It's no coincidence that the reversal in US stocks - which opened nicely higher and traded well through most of the day - has also led to a reversal in EUR/JPY. I consider the US stock market to be the current barometer of risk, and when risk aversion rears its head, investments that had performed well tend to suffer. Few trades have performed as well as the Carry Trades over the past five months. Here on the 15 minute chart, we see EUR/JPY reversing in sync with US stocks.
