Equity markets are expected to consolidate yesterday’s strong gains but big moves anywhere are considered unlikely. EUR/JPY is consolidating also and with the EUR gaining on other crosses such as against the GBP and the CHF, it is likely to be well supported on dips. Nevertheless, talk is that the short term players in the market are now getting a bit overly long on EUR/JPY so we may see some clearing out before the weekend. USD/JPY stops below 95.50 might come into play as the session progresses and the danger for USD/JPY on the day would seem to be down.
Sam will take over now for a few hours and keep you abreast of any moves.
