If markets are comfortable then you will seldom see massive volatility so obviously the USD/JPY market is far from comfortable. The logical explanation for this is that it’s positioning is extreme and unstable and recent moves suggest strongly that the market is very long and thinking it might be wrong.
I’m pretty sure that we will see 93.50 in coming days in USD/JPY and I would not be at all surprised if it were trading below 90.00 again sometime soon. I’m in the sell rally camp and I think we need to look to sell now near 98.00.