USD/JPY is surprisingly leading the way lower for the USD against the majors with a 1% fall in the last 24 hours. With Kampo still buying dips, any further falls are likely to be slowed but with 80.00 also acting like a huge magnet for option players in particular, selling rallies looks like the path of least resistance.
EUR/USD triggered the well chronicled stops above 1.3500 but the lack of follow through suggests that a short-term top may be in place. Looks like we should put our range trading caps back on here with extremeties at 1.3300/1.3550.
AUD/USD ran into the second wall of offers which we mentioned yesterday at 1.0070/80 and promptly retreated. This pair like the EUR/USD looks to be in range trading mode with edges here at .9850/1.0075.
