For those new to the FX market, Tokyo likes to take a breather for one and a half hours at midday, to recover from the mornings’ exertions. I’m sure there is not much to recover from this morning, with most of the major pairings in reasonably tight 30/50 pip ranges.
Some very weak stops were triggered in EUR/USD but the subsequent bounce shows that the market lacks the momentum to break new ground, which is not unusual for this timezone.
