The speculative market (myself included) has been selling the JPY crosses blindly for months now without any greater explanation than ‘its going down’. Anybody uncomfortable being long USD has gone long JPY and the market has followed this path but without any great conviction. There is no great fundamental reason for being long JPY, especially at these historically low levels and once the market gets a bit skittish about holding JPY longs (it could be a political reason that changes the sentiment) then we may see a mass bail-out. I do not belong to the club which is bullish USD/JPY but everyone else among my particular trading community thinks that USD/JPY should be 100+ and as the BoJ wants it up there too perhaps that’s where it’s headed.