Sentiment changed in the interbank and professional trading community earlier this week and there was somewhat of a mad scramble to go long USD/JPY. The expectation of intervention is the only reason I can think of for this very sudden change in mood. Japanese corporates were nevertheless very eager to sell rallies and the amounts they sold were significant.
CitiTechs have jumped on the bandwagon, going long USD/JPY overnight at 77.60 with a 150 pip stop-loss and a minimum target at 80.00.
