We cannot complain about the lack of opportunities in this pair and I suspect that the next 30 hours or so are likely to bring more volatility. The market is long already, so any sharp rallies will attract profit takers whilst expectations of an Abe-BOJ pact are increasing, which should attract dip buyers back into this pair.
I don’t fancy taking any positional view here, rather wait for the sharp moves and hope for 150/200 pip swings.