Its been a relatively sluggish start to European trading. EUR/JPY still seems to look soft, presently around 149.55 from an early 149.80. Overnight saw a continuation of the carry trade being unwound in the wake of the surprisingly aggressive move by the RBNZ to cut rates 50bps. “Risk aversion” still seems to be the name of the game and this should ensure the EUR/JPY cross remains heavy.