The move up last night caught a few players out, thinking that 9220-30 would cap. Today sees support at that level with locals looking to buy around the 9220 area for the next move up above 94c. Topside sellers at 9375-80 wll try to stop the move in Asia.
With all the hype about another 100 Bps rate hikes in 2010, investors will try to set themselves long. Keep an eye out for an AUDJPY flows leading into the Tokyo fix.
On the day its 9220- 9280, with potential to break higher tonight.
