The overnight market focussed more on Spanish debt issues rather than encouraging Chinese economic data, sending risk trades sharply lower, led by EUR/JPY. Those who ploughed headlong into the Yen crosses at ‘any’ level over the last few weeks are now getting punished. Not much in the way of risk events on the Asian economic calendar so we will once again be on the stop-loss hunt.

On the flow front, there is an expectation that the BOJ will again show themselves near current levels, 80.50/60 has been mentioned frequently over the last few days.

Good luck today.