 As US trading session commences, rebounds of Dollar and Yen seem to be gathering a bit more some steam. The broader financial market appears to be rather listless today, with major European indices roughly flat and US futures slightly down. There's also no unified movement in the U.S. and European benchmark treasury yields. Investors appear to be holding their bets ahead of key events tomorrow, namely UK CPI data and Fed Jerome Powell's testimony, then BoE and SNB rate decisions the day after. For now, Yen, Euro and Dollar are the stronger ones for the day. Australian Dollar is the worst performer after RBA minutes raised some doubts on July rate hike. Aussie is followed by Kiwi and then Sterling, in a mild risk aversion environment. Swiss Franc and Canadian Dollar are mixed. Technically, AUD/JPY should have now turn into a corrective phase with today's pull back. The question is on whether it's correcting the whole rise from 86.04. It's possible that such rally has completed a five-wave sequence after meeting 161.8% projection of 87.86 to 92.42 from 90.24 at 97.61. If that's the case, AUD/JPY could easily dive through 55 4H EMA (now at 95.27) to 38.2% retracement of 86.04 to 97.66 at 93.22. Let's see how AUD/JPY reacts to the EMA and we'll know quickly. In Europe, at the time of writing, FTSE is up 0.14%. DAX is down -0.16%. CAC is up 0.11%. Germany 10-year yield is down -0.0771 at 2.442. Earlier in Asia, Nikkei rose 0.06%. Hong Kong HSI dropped -1.54%. China Shanghai SSE fell -0.47%. Singapore Strait Times lost -0.65%. Japan 10-year JGB yield declined -0.0052 to 0.390. | 
