Japanese investment funds like the carry trade and AUD/JPY is one of their favourites. They will sit long the interest bearing currency for as long as possible but once momentum turns negative then they must start hedging. That is what happened yesterday in pairs like AUD/JPY and KRW/JPY. I’m not sure if there’s more to come or not but if there is then the selling will likely start in the next hour or so. If prices are still at current levels at lunchtime then we can probably have a dabble on the risky side.