The NZD/USD is edging higher towards important technical resistance at .8845, AUD/USD is back at it’s recent pivot level near .9425, and the other majors are taking the lead and making small gains against the USD.
USD/JPY still looks like the most likely of the major pairs to go for a big run, and I’m still of the view that the downside holds more short-term risk. There are certain to be large stops (partuicularly from option players) below 100.70 and we may grind slowly towards there over coming days.