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Forex pairs in this Article » (Barcelona) - Emmanuel Ng of OCBC Bank notes that more profit taking culled the majors in favour of JPY on Tuesday, while the dollar also found favour against the majors as consolidation ensued.

He feels that looking ahead, investors are likely to keep their fingers crossed ahead of the BoJ meeting on 21-22nd Jan and any deviation from the current accommodative slant may underpin the Yen. Elsewhere he feels that Eurozone concerns have crept back into the market ahead of the ECB meet on Thursday. He suspects that further hints of dovishness may well undermine the common currency further. He finishes by writing, "On other fronts, expect the US earnings season (note negative US equities despite Alcoa overnight) to occupy more headline real estate in the coming sessions."
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