Market prices are trading in profound abnormality and the aberration is seen in correlations. USD/JPY led wide range currencies higher to massive overbought levels by Correlations at current + 99%. EUR/USD and GBP/USD assisted wide range currencies by correlations at +87% and +74% for EUR/USD.
GBP/JPY continues to trade the months long correlations to USD/JPY at 98% and 94% to GBP/USD. Overall, GBP/JPY trades at the 38, 39 and 40 year monthly averages from 184.14, 187.24 and 190.87 at the 40 year. The end result from March is currency markets assumed deeply married prices by correlations. The correlation marriage must and will eventually end in divorce to allow markets to again trade normally.
When DXY gets moving to trade normal ranges, wide rangers will correct much lower, USD/JPY will trade miles lower and the Correlation marriage will end.DXY next week trades from deep overbought at middle 103.00's to oversold middle 102.00's. The range is about 100 pips. The larger range is the same 4 week parameters from middle 103.00;s to 101.00's.