Afte posting a high above 130.60 earlier in the session, EUR/JPY is 100 pips lower and the EUR has also lost ground against the other majors. Range trading remains the order of the day for the EUR/USD with 1.3850/1.4050 looking like the obvious short term range. Now that we are back almost in the middle, tossing a coin looks like a good bet for future direction. USD/JPY bids around 92.70 should provide a base heading into European trade and the big option expiries later today in NY around 93.20 should ensure that the pair remains fairly rangebound for the rest of the day.
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