Stops were triggered pre-Tokyo below 113.65 but there was no follow-through and the cross is sitting quietly above 114.00. Selling short-term rallies is still the obvious play but with positioning levels now at ‘less than extreme’, the pressure on the downside is easing somewhat. Should stay fairly quiet now ahead on the ECB tomorrow, although ‘quiet’ for EUR/JPY might mean a 200 pip range!
