Having rarely followed this pair, I'd like to hear commentary from the usual informed group as to why this pair is skyrocketing like it is. It's easy to throw "unwinding of carry trade" as the reasoning behind it, but I'm looking to get a bit deeper than that.
It's highly overbought, and has shot up over 500-600 pips without correcting. And still shows no sign of doing so, though I am tempted to fade here for the correction.
I was just looking at this one too...It's trying to break 1.7000. I am not in this trade right now, but in the next little while, I might put in a short.