I hate to be overly pessimistic but this pair has traded a 5 pip range in the last 3 1/2 hours so that does not augur well for the rest of the session.
The interbank market is trading an end-of-month value date today so we may see some extra fixing flows but at the moment it does not look promising. With talk of China buying at 82.80 and Japanese corporates selling at 84.20, the ranges looks well set and we are presently sitting right in the middle.
