No sign of any Toshin related demand for the JPY crosses and EUR/JPY has fallen back to it’s NY closing level. The EUR/USD is back at 1.3240 after the earlier push higher on the news regarding Greek austerity measures. Still the only reason to buy EUR is if you think that short-covering stops are going to go off and I’m not sure that this is a good enough reason. Best we play it as day-traders I think and jump on when it starts to motor in one direction or another.
The Goldman Sachs news and fears of a Yuan revaluation are the factors weighing on the JPY crosses.