We saw a lot of professional traders buying puts in pairs like EUR/JPY and AUD/JPY yesterday amid increasing speculation that the BOJ might be a little less hawkish than usual. Some are suggesting that the hard-line inflation target will be downplayed.

Large stops are still in place in USD/JPY directly below 101.05, where the big barrier was reported, and these stops are at regular intervals through 100.50. If it does break, it could be nasty.