The next main risk event will be the BoE rate announcement later tonight but in the meantime I think we can expect a very quiet Asian FX market session.
USD/JPY is steady around 120 with technical resistance at 120.50 and corporate sell orders above 120.80 providing the topside targets. Support levels are likely to emerge around 119.50, but the JPY is not a major market focus at the moment.
AUD/NZD resistance has held near 1.0220 and I prefer to look for a range trade here between 1.0020/1.0220.
Overall the USD seems to have regained a modest ‘bid’ tone but it feels to me that we are in a noisy space, rather than a trending space, and I prefer to wait for some clearer signals.
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