I remember being part of a pilot program back in Frankfurt in the late 80’s when a group of us tried to create an interbank market in GBP/JPY. I believe that we all lost money doing this period, which shouldn’t be the case in a zero-sum game, but it does go to show how difficult this pair is to trade on an intraday basis.
It’s safe to say that not much has happened today in Asia yet GBP/JPY fell by 70 pips and then rallied by 100. EUR/USD has had a 17 pip range during the same period so it just goes to show how much this pair can move when nothing is going on.