Dealers aren’t really sure where the buying is coming from. Many had anticipated a push lower in expectation of a shaky open on the Nikkei but the pair is now at 131.25 after opening at 130.80. Last nights high at 131.85 was close to a 61.8% retracement level so we can expect to see lots of technical stops now above 132. The medium term technical outlook still favours oscillation inside a wedge pattern with edges at 127/134 approximately.