Our outlook for the present remains

Our outlook for the present remains relatively unchanged: the recent action has rejected the bears case for a larger correction lower here in risk appetite and all that entails in a stronger USD and JPY. Nevertheless, recent action has shown that the range may hold if we allow for a bit of slippage. So we could see yet another attempt to new extremes that has been typical of the action both ways (the market trying to get a new move started, only to see that move rejected). We prefer to be on the look out for a reversal at any time rather than boarding the risk train at this time.