Some of the bigger hedge funds have been busy selling rallies but the dip-buyers are also active, led by options players and Japanese corporates. Whilst an interim top might be trying to form, the longer-term trend remains bullish and there will be plenty of market participants who will gladly buy any big dips.
None of the bigger banks are expecting any huge moves in USD/JPY, if and when something happens its likely to be of an orderly nature, given the present state of order books.