I know it’s much too early to be contemplating any trend changes but this afternoon’s moves in USD/JPY and AUD/USD certainly do give the impression that a seachange may soon be upon us. I think we should keep a close eye on USD/CHF during European trade and see if it can start to mount some sort of a relief rally.

Talk earlier around the market was that the big sellers are still there in USD/JPY and that the first of the heavy offers come in around 82.60/80.