Since early April the aussie/yen has drifted up and down a roughly 150-pip range. Prolonged Nikkei weakness and solid data tonight coupled with the aussie/dollar running up to a five week high before failing at .94 has the potential to send this sleepy pair down. Not to mention the S&P is taking its time deciding what to do with the 1900 handle. If Wal-Mart misses earnings by any meaningful number tomorrow the dollar could strengthen enough to make a difference in these secondary pairs.
Here’s where the aussie/dollar is at:
