Market waiting on next bandwagon; range trading favoured

Overall positioning in the market is at relatively low levels according to PB and retail sources (thanks to FXWW chatroom). The Brexit referendum, the appreciating JPY and renewed downward pressure on the AUD and CAD are still the main talking points and traders are waiting patiently for the next bandwagon to jump on.

I’m looking to play a 1.4350/1.4800 range in cable and to sell into any rallies onto the 111 handle in USD/JPY.

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