Barring any major events, the recent consolidative ranges are likely to hold firm. The orders we are aware of at this early stage of the day are as follows:
- Very strong bids at 1.3900/20 in EUR/USD
- Talk also of strong bids in the cable at 1.6280 but this is unconfirmed
- Very heavy buying interest in USD/JPY around 95.00 (100 pips below current levels)
- Quite heavy stop-loss selling in EUR/JPY below 133.30
- Solid offers around .8000 in the AUD/USD
Based on the order books alone, I would wait for stops in EUR/JPY to get triggered and then buy dips towards 132.00.
