Lots of volatility in the JPY crosses over the last 2 days and most are back at their pre-downgrades levels. AUD/JPY rebounded strongly after yesterday’s CPI and the market is having trouble convincing itself (or affording) to be short. AUD/USD is once again opening at .9250, which is 14 out of last 18 days, and USD/JPY showed surprising resilience to bounce back above 94.00. EUR/JPY will again be the main focus during the Asian session.
Good luck today.
