JPY crosses would likely benefit from any moves higher in the Nikkei, which would normally be expected after the Dow rose strongly again overnight. This sentiment is likely to be tempered by the poor Microsoft results and the Asian market has a tendency to go with the bad news rather than the good news, so both events will probably net out.

USD/JPY has been fairly steady this morning and is likely to consolidate in a 94.75/95.35 holding range. GBP/JPY is holding on to its earlier gains and sits around 157.00.