The same hedge funds which were busy buying at 84.50 and below over the last two weeks were also selling heavily after the market spiked above 85.00 post-NFP. The dead-cat nature of any bounces would seem to be convincing them that the base has not yet been reached. The failure of the recent BoJ action to weaken the JPY would also seem to indicate that holding USD/JPY above one particular level will be very hard work indeed.