For a pair that hardly ever moves, to fall from 79.15 to 78.50 and then back again, in a 60 minute period, is rude in the extreme. Especially at this time of the morning when we’re just getting started.

With EUR/JPY still under severe pressure, further downside in USD/JPY cannot be ruled out but I have a feeling that the BOJ will show their hand if we get further heightened volatility.