The comments from the new Japanese government that they will not intervene in FX markets are obviously being seen as a challenge by the market. USD/JPY has suddenly become volatile again, falling 120 pips in 2 hours, and looks likely to fall further. GBP/JPY has been a big whipping boy today, falling 325 pips from session High to Low. This selling is all stop-loss driven and also speculators jumping on board so watch for some sharp rebounds. If you’re on the right side of this, congratulations.