Yen crosses are bleeding higher. Yesterday`s decline in USDJPY, EURJPY have been completely wiped out while GBPJPY has about 40 pips to go.
Techically, the breakdowns yesterday were pristine and I think that attracted the short-term crowd and the perma-bears and the bounce continues to shake them out. Since London closed, USDJPY has gained 50 pips in a straight line. The next resistance line on my charts is the 61.8% retracement of the Fri-Mon decline at 104.39.