• USD/JPY: 87.00 is next pivotal level; dealers expect some BoJ activity (probably verbal only) on another test
  • EUR/USD: The sizeable offers starting at 1.2610 which we mentioned on Friday certainly materialised with 1.2610 being the ding-dong high on Friday night. More offers seen 1.2610/50 with heavy stops above. Trailing stops now building below 1.2490.
  • Cable: Sovereign offers mentioned last week between 1.5250/85