This has been posted on multiple times, so if you have not missed it apologies for sounding like a broken record.
Japanese markets are closed until they reopen on Tuesday May 7. This means, amongst other things, that FX liquidity is thin until Singapore and Hong Kong markets become active (around 2330GMT or so)
With the thin liquidity comes fear of erratic price movement (and maybe even another flash crash):
- Japan's Financial Services Agency is warning of possible increased volatility in financial markets.
- Japan 10-day market closure ... here's the reason there is huge fear of a yen flash crash
