Big moves hit the FX market, particularly JPY. Likely month-end fixing flows in play
We're a few minute ahead of the fix
There is no fundamental news behind these big moves in the market.
The particularly large moves are in yen crosses, which are soaring. GBP/JPY is up 150 pips in minutes.
The fixing trade since the start of the coronavirus crisis has been to fade the big moves after the top of the hour.