Major FX Pair Relative Strength
The Japanese Yen is currently riding high against it’s major forex counterparts with the euro at the other end of the scale, as per the day 1 correlation chart below.
The correlation/relative strength chart gives a useful overview as to the current strongest and weakest currencies to trade against each other.
Price action on the euro dollar pair last week had indicated a further drop was around the corner, with the weekly bearish engulfing candle giving a tip off.
The dollar has been strong across the board with steady gains all week. Renewed dollar strength hit the markets on friday with the euro and pound lower against the safe haven currency pairs of JPY,USD and CHF.
For further updates see our forex technical analysis blog.