European majors turn generally softer today, in particular, with Sterling paring some gains after strong but lower than expected consumer inflation data. Dollar also weakens with treasury yield dipping slightly while Yen is trying to recover. But overall, Kiwi and Aussie maintain their position as the best performer. US futures are pointing to a flat open but buyers could jump in again later in the day. Development in the stock markets should continue to lead currencies. Technically, USD/JPY continues to lose upside momentum just ahead of 114.71 fibonacci projection level. Break of 113.87 minor support should indicate short term topping and bring deeper pull back to 4 hour 55 EMA (now at 113.49) and below. If that happens, we'll see if EUR/JPY and GBP/JPY would break 132.13 and 156.58 support levels together. Together, they would signal that Yen crosses are generally turning into near term consolidations after recent strong rallies. In Europe, at the time of writing, FTSE is down -0.07%. DAX is down -0.11%. CAC is down -0.01%. Germany 10-year yield is down -0.0205 at -0.123. Earlier in Asia, Nikkei rose 0.14%. Hong Kong HSI rose 1.35%. China Shanghai SSE dropped -0.17%. Singapore Strait Times dropped -0.03%. Japan 10-year JGB yield rose 0.0048 to 0.095. | 