Euro’s traded a little lower from the opening around the 1.1255 levels before moving into the Tokyo session and strong buying in USDJPY forced the Euro to the 1.1240 levels and from there the market traded around the 1.1245 with the first round of debating between Clinton/Trump the market failed to draw much of a conclusion from who won. Euro offers through to the 1.1260 levels then some weakness on a move towards the 1.1280-1.1300 level, and then with congestive offers to the topside the market looks limited at best for the day however, saying that the volumes so far have been reasonable and could continue. Downside bids light through to the 1.1200 areas with the possibility of weak stops on a drop through the 1.1180 areas will likely be quickly absorbed by bids into the mid-levels on the handle and strength appearing from the 1.1160-40 levels.
· Early selling in the Euro saw the Cable forced off its early lows around the 1.2950 levels into Tokyo and trading back through the opening level to trigger weak stops on a move through to the 1.2990 areas before drifting eventually back to the 1.2970 levels and into the London session. Topside bids light into the 1.3000 areas with the possibility of a few weak stops on the move through the level, the light offers are likely to continue on a move higher with concentrations around the 1.3050 area and then slightly stronger on a move to the 1.3100 levels with the possibility of a squeeze through the level if the momentum is good. Downside bids on any dip through the 1.2950 levels and through to the 1.2900 area, with the talk of Hard or Soft Brexit continuing to play in the media, for my mind it was a simple in or out vote and those that voted out won, any half measures will likely split the country and as much as the current electorate don’t trust politicians this would definitely be a death knell for some careers, so Hard would be the only way forward.
· Moving off the 100.35 levels the USDJPY moved into the Tokyo session dropping quickly to the 100.10 areas as details of the BoJ July meeting were released and the market quickly moved higher again from the lows with a slightly weaker Service price, and the USDJPY started to rally higher pushing through to the 100.90 areas before running into limited limits to hold the market in the 100.70-80 areas to the London session, Topside offers into the 101.00-10 areas are likely to be weak with stops through the level likely and the market then able to move into the congested 101.50-102.00 areas with the offers likely to increase the higher the market moves, a push through to the 102.50 areas is likely to see stronger offers appearing and the topside becoming more vulnerable. Downside bids in strength into the 100.00 areas with stops likely to appear on a move through the 99.80 areas mostly from short term buyers however, the market below 99.50 is likely to see stronger bids again and the market slowing into those bids.
· Better industrial profits in China helped the Oz move higher through the session and AUDJPY was triggered higher with the USDJPY rise, early selling into the Tokyo session on a push through the 0.7630 level to test the 0.7615 areas, from there though it was one way traffic with cross buying and straight Oz buying showing through and the market moving to the 0.7665 levels before any real interference from the sellers. Topside offers from the highs are likely to continue through to the 77 cent level with limited congestion through to 0.7740 likely to be short term sellers, with the market likely to see stronger sellers. Downside bids limited through the 76 cent level however, there are likely to be bids on any move to the level with weak stops likely to dominate on a move through the level and into the 0.7560-40 congestion.
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