The theme of the last 24 hours continuing 12 July 2016

What the Japanese govt/BOJ will or will not do is still conjecture but the market is going with it anyhow.

GBPJPY remains a prime mover and now up through 135.00 which gives core pairs another lift higher. GBPUSD has good offers/res at 1.3100 still capping but as long as yen selling prevails we should expect underlying cable demand.

All core pairs similarly underpinned with AUDUSD having another look at the 0.7600 offers/res but failing again so far.

USDJPY has sell interest at 103.50 which should provide caps/res in core pairs too but beware accelerated move higher again if we break.

I can't help thinking this is another sell-yen on the talk but that further moves will be short-lived on the fact, and that fact may not be known for a while yet.