There is talk of a very large double no touch at 80.00/85.00 with China the obvious holder. Kampo is rumoured to be buying on dips as part of the usual semi-official intervention and other ACBs have been seen selling USD/JPY towards 83.00. All of which suggests an extended period of range trading.

The big danger of course is still to the downside where there are likely to be massive stops below 79.75. Massive in USD/JPY can mean multiple billions.