EUR/JPY fell 20 pips and has now regained that lost ground and dealers are reporting that volumes are light and interest is scarce. It looks like most of the stop-loss hunting has been done and we may in fact now see a quiet consolidative session (last time I wrote this about 4 hours ago EUR/JPY fell 70 pips in about 7 minutes!). Dealers are waiting for Asian Sovereign names to show their hand as they are expected to show some buying interest in EUR/USD and in cable at these current levels. If they don’t show up, it might be an early lunch for everyone.