Good morning and welcome to a new trading day. USD/JPY was the star of the show overnight, especially during the NY session with the GBP crosses showing the most activity during Europe.
Normally in Asia we see a bout of profit taking in early trade, suggesting that USD/JPY, AUD/JPY and GBP/JPY, which were all big movers overnight, will see some early selling. Once this has been done, I would expect the overnight moves to recommence.
Conclusions: Buy dips in USD/JPY, AUD/USD and Cable. Buy dips in USD/CHF and sell rallies in EUR/USD.
Good luck today.
