Wobbly start but a rapid turnaround for the pair 30 Jan

The early risk-off move down to 1.2335 led by EURJPY supply was short lived and we were soon testing offers/res between 1.2380-00.

That proved relatively easy to overcome and we triggered stops to post 1.2442 highs. Currently 1.2425 and still underpinned even with EURGBP falling back to 0.8793 and EURPY 134.95 from 135.12.

EURCHF has made some gains though from early lows of 1.1567 to post 1.1590 with USDCHF also finding dip demand around 0.9312.

Large options rolling off tomorrow at 1.2500 may be having some bearing too but a lot of water to pass under the bridge before then.

German CPI due out at top of the hour but no surprises given the regional data already released.

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