The dollar has given back some of.............>

FOREX: The dollar has given back some of yesterday's gains but the bullish trend

remains intact as the US's huge real interest rate differentials together with

yuan weakness are weighing on the majors. The euro's bounce is unconvincing and

a retest of support at 1.1508 looks likely. A break of which would open up huge

downside potential. 

-Yen crosses are looking interesting as falling global yields and equity

weakness trigger yen outperformance. AUDJPY has recovered some of yesterday's

losses, bouncing off of 80.70 to trade at 81.06, but bigger picture there is a

multi-year head and shoulders formation which should keep the focus lower,

particularly as real yield spreads continue to head in Japan's favour. 

- NZDJPY has tested support at 74.50 today and held for now, but the bounce is

unconvincing and the trend remains lower. 

- EURJPY has broken below uptrend support from the May 25 low and a break above

128.00, from 127.47, will be needed to shift the focus higher.