The pair is inching back towards a test of its 100-hour moving average (red line) as the run up after the BOJ looks to evaporate. The high earlier touched just above 131.50 but price is now slipping back just below 129.00 in what may end up being eight straight hourly candles lower.

As much as the BOJ tried to send a strong message today, someone just had to spoil it. And when you put that together with a softer dollar today and the fact that the technicals are also still supportive of the recent downside trend, that helps to alleviate the setback for yen bulls earlier in the day.

For now, traders will have to sort out the post-BOJ musings alongside the risk mood and dollar sentiment on the day. There's US retail sales and PPI data still to come and that might just add yet another twist to price action later today.