USD/JPY rebounds

USD/JPY rose int he Asian session to a high of 119.54.
Bids pre-119.00, offers pre/at 119.50, range 119.18-50, stops 119.50/75+.
EUR/JPY heavy, off from 128.31 to 128.06, thin.
GBP/JPY, NZD/JPY steady 177.52-96, 91.14-39, AUD/JPY off, 92.14 to 91.71.
Surprising with RBA Gov Stevens, RBA April minutes not that dovish.
Nikkei supportive, only Japanese interest in JPY-funded carries.

EUR/USD, EUR/JPY heavy, off from 1.0751 to 1.0720, 128.31 to 128.06.
Volume light however, participation low.
EUR/USD bids pre-1.0700, yesterday 1.0712 low, stops sub-1.0700
Key support @1.0625, 1.0624 4/16 spike low, stops sub-1.0620, 1.0600.
Some option expiries on 1.07, more 1.0645-80, large at 1.0800-10.
EUR/JPY 128.31 to 128.06, EUR/GBP, EUR/CHF 0.7206-10, 1.0264-75 ranges.

On back-foot alongside EUR/USD, off modestly from 1.4910 to 1.4881.
Cable support pre-1.4850, smattering of option expiries 1.4830-35.
EUR/GBP steady at 0.7206-10, some 0.7225 option expiries, no flows.
Some bank recommendations to sell EUR/GBP anew, 0.7010 3/11 trend low.

USD/CHF bid from 0.9554 to 0.9575, flows few however, USD generally bid.
Still basically in holding pattern between 0.9600 100-DMA, 0.9484 200-DMA.
EUR/CHF between 1.0266-75 in Asia, bias down over time.

AUD/USD open 0.7725, wicked reversal of gains seen after China RRR cut.
AUD under pressure in Asia against field, RBA May OCR cut expectations.
AUD/USD 0.7729 to 0.7683, AUD/JPY 92.14-91.71, AUD/NZD 1.0083-1.0059.
RBA Stevens gets plenty airplay but nothing really new, RBA minutes too.
OCR cut odds maybe bloated, CPI data due Wednesday could be soft.

NZD/USD open 0.7663, 0.7635-65 range, soft in sympathy with AUD/USD.
NZD fares better on crosses, up versus AUD, steady versus JPY.
AUD/NZD players eye parity again.
NZD/USD support ahead of 0.7600, 0.7619 Fibo 38.2% of last week’s rally.

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