Fot the last 10 days, Japanese asset managers have been consistent sellers of JPY crosses. I am told that the market is generally short in expectation of more selling flows. In EUR/JPY, if the flows continue, technical targets such as the 55-day MA around 125 which Citi called for yesterday, would seem achievable. If the selling suddenly evaporates, heavy trailing stops above 132.10 and 132.50 will come into play very quickly.