I haven’t seen participants so confused by the fx markets for many years.
Everyone is saying something different and is having to reverse positions and stance every few weeks or so.
Active fx traders are starting to be cut up by the chop.
I want to say that historically when price chops up like this for extended periods it usually, eventually, leads to a significant new directional trend so we must watch this but not get tempted too quickly by the numerous false moves. The USDJPY the EURUSD, EURGBP, GBPUSD, EURSGD etc etc.. They are all chopping up at near to important levels. A trend will emerge and when it does it will run. This is what classic price theory suggests from these recent moves.
I leave you with the CommerzB report but please read their FX comments and tech alongside all the other FX reports over the last few weeks to make sense of the chaos in the FX markets.
All the best
Rich