EUR/JPY dipped to session lows at 107.40 in early Tokyo on the usual profit-taking after big overnight moves. Things have now settled again and I’m presuming that we’ll have a quiet session after the exertions of yesterday. The only possible fly-in-the-ointment could be the BOJ/MOF who might perceivably do something interventionist, now that the EU summit is concluded. I think we may have speculated along these lines on a few previous occasions, usually incorrectly.