Tokyo FX market open: No margin calls; profit taking after morning gap

EUR/USD has slipped back toward 1.2625, the previous resistance level which should now provide support. There has been no sign of any large margin calls to affect EUR/JPY and Tokyo, as usual, is happy to take advantage of the spike to book some profits. Dealers say that turnover is much lower than earlier this morning and we may indeed have a quiet session from here on.