We’re under 120 by a handful of pips as both EUR/JPY and GBP/JPY continue to be pushed lower.

EUR/JPY is just about holding overnight support around 142.95/90 while GBP/JPY has moved below its support at 182.68/70

JPY pairs 05 01 2015

JPY pairs M15 chart 05 01 2015

EUR/USD and cable are holding up now which might put the breaks on the falls for now. I’m still thinking we are seeing some early position jockeying about now as there’s no real catalyst for the moves right now.