Traders report a US bank in London sold about $750 mln USD/JPY into the rally for a macro hedge-fund. It is worth noting that two high-profile funds were big buyers late last week and early this week. Perhaps they are offloading a position that had gone a bit stale after the BOJ rate move Monday did not lead to sustained USD/JPY gains.
USD/JPY has dipped back to the 85.00 area on the sales. 84.65 is support on pullbacks near-term.
