This pair based out yesterday at 122.40 where there were some very strong bids. Talk of Toshin buying and general short covering saw a 250 pip bounce overnight and I think we can expect the volatility to continue. The medium term trend is still bearish but the hourly chart is in rebound mode. It’s very difficult to start picking exact levels amid such high volatility but I would suggest a 122.40/126.30 range with a definite bearish bias. Day-traders will need to be nimble.