Once again the market got suckered into marginal bearish breaks in pairs like EUR/USD and EUR/GBP, only to see it rebound hard in their face. USD/JPY might well be next as we approach the psychologically important 80.00 level; based on recent experiences, sticking a bid in at 79.90 makes the most sense waiting for the rebound after stops are triggered. The AUD has lost plenty of ground on the crosses overnight and sentiment there remains quite soft. The first event of interest on the economic calendar will be the RBA meeting minutes.
Good luck today.
