Don’t be looking for any logic in these moves; the Nikkei is down over 2% but USD/JPY is responding to the overkill on the downside and is bouncing back but still down on the day. There has been more verbal intervention from the MoF and perhaps this is encouraging the USD/JPY bounce. I am looking to play the edges of a wide volatile 85/87 range in USD/JPY with an obvious bearish lean. Cable is still on its lows for the day and struggling to bounce.