Just when we are getting settled in for another day of selling JPY crosses a big buying flow has come through in AUD/JPY. The AUD/USD was already a bit weaker this morning on the back of some model-fund selling (seemingly on recommendations from a big European bank) but right on Tokyo open somebody bought a big chunk of AUD/JPY and this caught everyone by surprise. EUR/JPY spiked up from 132.50 to 133.10 and USD/JPY from 96.00 to 96.30. My feeling is that this might be a good day to watch from the sidelines and only jump in if we see some silly moves.