The pair sold off today breaking lows last seen over 12 months ago. The price hasn't broken the yet but I anticipate it will due to the fundamentals.
Minutes were released today from the ECB's January meeting and they stressed that there has been increased downside risk to growth since the turn of the year. This may point towards further easing in March. The yen remains volatile but has strengthened on risk off sentiment due to oil turning lower again due to crude oil inventories increasing and comments that Saudi Arabia will not cut output production. All another negative feel to the end of this week so may continue into next week as the market struggles to make sense of the future. I think today was more than just the markets taking a breath from the risk on, there seems to be some uncertainty.
There are no data releases for the pair until the German Ifo Business climate next Tuesday. Tomorrow we have CPI readings from the US which may affect the risk on / risk off outlook going into next week.
I will continue to monitor the sell in the short term and adjust entry level and stop loss as necessary.
Appreciate anyone's comments back.