If you are a regular trader of FX you'll be aware of how liquidity changes as the clock moves
The North Korean missile test news today came at the lowest point for liquidity of the 24 hour cycle, US markets winding up for the day and only New Zealand open.
Its past 8am in Tokyo now and liquidity is on the improve. it'll improve further as Singapore and Hong Kong get active
USD/JPY is up 30-odd points from its lows ... (and simultaneously down 70-odd from its late US highs ;-) )
Update:
