USD/JPY: Still favour lower, but will stay choppy
No major change to my outlook here, I still think that we will gradually trade lower over coming weeks but we will also find long periods of range trading. Presently we seem to be caught between 97.50 and 100.00 and trading as close as possible to the edges of this range makes good risk-reward sense. A break of either side should set us up for a decent move either way.
The crosses still look heavy overall, with AUD/JPY leading the way, and even the recovering GBP was unable to re-take resistance levels against the Yen at 151.50 (which is where the macros were selling last week).