The main factor in play overnight was the heavily imbalanced JPY positioning and with the BOJ resorting to ‘hot air’ and with risk aversion in the air, USD/JPY got smashed. That said, we are now at the lower end of the 101.50/104.50 range and those who were patient may well be rewarded.
I got stopped out of my CAD/JPY longs and will reassess.
My overall bias remains very bullish on AUD and CAD, moderately bullish now on GBP, neutral on EUR, and bearish on USD and JPY.