Levels to watch in afternoon trade
I’m still of the same view, the EUR has done a lot of its work already and is overbought on the crosses whilst the Yen should gain across the board as position unwinding picks up pace.
- AUD/USD: Play .9150/.9350 range with bullish bias as it will eventually break higher.
- USD/JPY: Sell any rallies as long liquidation to pick up pace; volatile 96.50/99.50 range favoured here with bearish bias.
- EUR/USD: Recovery feels overdone but dips will be well supported. I’m still totally neutral here but happy to look for extreme swings at 1.29 or 1.33.
- EUR/JPY: I’m bearish and short whilst this cross stays below 131.25.