USD/JPY is trading at 87.10, EUR/USD 1.5015, cable 1.6550 and AUD/USD .9140 as the interbank market opens in a lively fashion. The reports over the weekend that the Dubai World credit issues may be averted have led to the unwinding of speculative positions in the JPY crosses. Next target in USD/JPY is a gap on the hourly charts back towards 88.20 and we can expect increasing volatility as markets become less liquid.
Good luck today.
