• Profit taking in illiquid markets in the Yen crosses was the main feature in overnight trade;
  • GBP/JPY and CHF/JPY were the hardest hit;
  • The trends in the crosses remains very strong so dip-buying is still the logical trade;
  • That said, the 61.8% retracement of the big 124/75.50 collapse at 105.50 is looking stronger this morning.