There is a very good reason why a lot of the big hedge funds have their stops above 125.50 and 125.70 in EUR/JPY; they feel fairly secure in the knowledge that they will not be easily triggered. In other words, there’s something fairly big going on at that level. The London market tried to trigger the stops yesterday but only got to 125.47 before reversing sharply. Intraday support is not far away at 124.20.