An overnight probe below the 116.40 support level saw a low of 116.35 put in place before a bounce. The cross is softening as Wall Street loses ground and Trichet paints a dark picture of the eurozone economy over the next few month. A clean break of the 11630/50 area opens the way for a retest of the panic lows of 113.45/50 set back in late October. Japanese authorities seem to be stirring with reports of Kampo buying earlier today and BIS buying a short while ago. Beware a bear-trap.