It’s been a grind lower this morning from the Asian highs of 84.48 as profit taking sprung into action following the Japanese election result.
The pair gapped higher last night in Asia from Friday’s NY close around 83.52 and has now retraced most of the move with a recent low of 83.61. There has been some talk of some sell stops on a break of 83.60, but also talk of bids in the low 83.50’s which would effectively fill the gap and possibly re- kindle the bullish sentiment that’s been in place since the 82.50’s.
USD’s since edged up to 83.70.
