There are reports of sizeable trailing stops in USD/JPY and in the JPY crosses and the market has a nervous feel to it ahead of the G7 and G20 meetings (even though we sort of know already what to expect). USD/JPY has dipped 30 pips in the last hour and I expect the topside to be limited today as last-minute profit takers start to dominate.
I’m running short positions in AUD/JPY and GBP/JPY so let’s see how the day develops. Good luck out there and TGIF.