EUR/USD, USD/JPY flows: Risk Off, But

  The fresh jump in TTF gas prices to EUR55 has fuelled concerns that Europe will be hurt more than the U.S. economy by the current war in Iran.  Oil prices have risen less and oil has more alternative supply sources than the 20% of LNG from Qatar.  The sharp EUR selloff from Feb 2022 is also being mentioned.  However, some traders note that much depends on the length of the war, with the Trump administration  narrative overnight rotating from regime change to destroying Iran offensive missile – the latter fits more with the 2-4 week war ideas.  EUR can remain on the defensive this week however and the charts suggest scope on EURUSD to test the 2027 low at 1.1578.