Europe Summary and Highlights 16 Feb

The USD drifted marginally higher versus the JPY in early European trading, but traders say this is technical and a mild correction to JPY gains seen last week. The mood remains JPY bullish and the market wants to test the key support at 152.10, though a catalyst is required. One potential catalyst is Friday U.S. GDP data, while another is the U.S. equity market that appears in corrective mood.  However, traders are unsure whether a break will occur this week. Elsewhere, USD trading was rangebound, with the U.S. holiday thinned trading and also reducing the incentive to push trends on Monday.