EUR/USD: opened almost unchanged. Sell on upticks to 1.2460 with stops at 1.2525 and add at 1.2490. Flows have been mixed with no clear direction, but the overall tone remains heavy.
USD/JPY: The pair held well, partially supported by EURJPY, but the move back to 117.80/90 is worrying us. We would rather wait and see if support holds at 117.30/40 and sell above 118.40.
GBP/USD: We still favour longs since the pair closed above the 1.5700 handle for the first time since Nov. 13. Buy cable on dips to 1.5630-25, yesterday’s lows, with an eventual stop at 1.5600, for 1.5750.
UBS