Yesterday, for the first session in weeks if not months, it was the USD/JPY which led the volatility and trader-interest stakes and this trend look to have continued overnight. EUR/USD and cable are pretty close to where they were yesterday morning but USD/JPY has rallied over 100 pips and may be at the beginning of something more substantial. Once the big speculative players start getting involved we can usually expect a few weeks of activity as they don’t all plough in at once. The political situation may be the trigger but this market has been wanting to buy USD/JPY for some months now and it may be getting its chance.
Good luck today.