If interbank reports are to be believed, most of the USD/JPY selling in recent days has been from big hedge funds booking profits, whilst most of the buying has come from Japanese corporates and institutions. With Japanese markets closed today, that may take away some of the support. This could of course also mean that the hedge funds stay away until liquidity improves again but if something happens to spook the market, the main risk will be to the downside (in my very biased opinion 🙂 ).
