A 30 pip range in EURUSD and 40 pips in EURJPY have not exactly ignited any excitement ahead of the interest rate decisions later today.
There is also a decent size option expiry in EURUSD of Eur 700m at the New York cut (10am NY, 3pm GMT).
Expect range-bound trading in both with a move in the cross to be Yen driven.
My ranges 1.2960 – 1.3030, 121.50 – 123.00 ( if we test the topside here I would then be a confident buyer of dips down to 122.00).
Surprise euro-negative news will cause me to reassess.
