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I was gunning for the GBPJPY breakdown from the resistance turned support at 133.90 since I was expecting the UK manufacturing production report to come in weaker than expected. And it did! The actual report printed a 0.9% decline, instead of the expected 0.3% increase. Still, the pound pairs didn't fall as much. Apparently, the downbeat sentiment for the UK's economy was drowned out by the surge in risk appetite. It turned out that Greece declared that its fiscal crisis was over and that the euro zone region was safe from a financial meltdown. Didn't see that one coming... Anyway, I could've gone long with the GBPJPY on the bottom daily ATR and gained more than a hundred pips in just three hours!

I flipped over to the GBPUSD chart and noticed that the pair didn't bounce up as much. In fact, the pair just consolidated. I wonder why the Japanese yen sold off against the greenback... Care to share some thoughts?