Different people view the important levels slightly differently but it seems that 122.30/80 would seem to be the pivotal band for most traders. We’ve just dipped down to 70 but rebounded and if this area can hold firm, we may see more shorts starting to bail. As we saw yesterday in the FX market speculative positioning data, many EUR/USD shorts look to have moved into EUR/JPY so that might still be the pair to watch.