Markets are rather quiet today so far as major pairs remain confined in tight range in general. One except is USD/JPY which extends yesterday's rebound and reaches as high as 96.89 so far. Rebound in treasury yield, as seen in yield on 10 year note's jump from this week low of 3.581 to 3.83 level is playing a role in USD/JPY's strength which is turn lifts yen crosses too. Aussie is generally higher today following recovery in Asian stocks but the strength is so far mild. The economic calendar is rather light today and markets will likely continue to stay in familiar range to close the week.

BoJ minutes showed some policy board members thought BoJ should consider exiting the current quantitative easing measures based on close examination of developments in financial markets and corporate financing. One member suggested to pay attention to risk of rising bond yields as the Japanese government plans to issue more debt. Some members are concern concerned with deflationary expectations.

Euro was lifted mildly as EU leaders said the region is on course for a sustainable economic recovery and further budgetary stimulus would not be warranted. Note that much volatility was seen in EUR/CHF yesterday as speculation of intervention flipped-flopped. But after all, 1.5 handle seems safe for now and EUR/CHF might have formed a base there for some further rebound.

On the data front, Germany PPI was flat mom in May, dropped -3.6% yoy, inline with expectation. Canadian retail sales will be the main feature and is expected to drop -0.1% mom in April, with ex-auto sales dropped -0.1% too.

Looking at the dollar index, some support was seen after the index retreated to 80.07. Subsequent recovery suggests that an intraday low is in place. The corrective structure from 81.36 is so far supportive to the case that rise from 79.19, and that from 78.83 is not completed yet. We're still favoring the case that whole decline from 89.62, which is treated as part of a wide range triangle pattern that started at 88.46, has completed at 78.33 already. While another fall cannot be ruled out for the moment. Downside is expected to be contained by 79.19 support. Above 81.36 will suggest rise from 78.33 has resumed for next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64).