Even from an intraday perspective, I’m finding it hard to find any trades which look like good risk-reward value. EUR/USD could, and probably will, trade 100 pips either side of current rates without any real difficulty, cable seems driven by EUR/GBP flows and the Aussie is totally dependent on short-term shifts in risk sentiment. Even the crosses have plus and minus factors; maybe we should all be trying to make 2 pips in EUR/CHF?
The most obvious, and boring, trade is to continue to play the 79.00/80 range in USD/JPY, with big orders reportedly either side. Guess it’s going to be a very quiet session.