Real money funds were selling through a major US bank overnight and corporate offers have been moved slightly lower. There were heavy stops triggered overnight on the break above 81.70 but they met a wall of selling between 81.80/82.00 and there are more heavy offers lying in wait just above 82.00.
The bulls shouldn’t completely despair however as China was reportedly buying USD/JPY during the London session yesterday. Whether this was part of a major play or some trainee practising by buying $5mill, I’m afraid I don’t know.
