The market is still probably quite short of Yen across the board and we are seeing further profit taking this morning in fairly quiet trade. GBP/JPY has been one of the notable movers and a lot will depend on what happens at 79.50 in USD/JPY; are there big bids there or are the big trailing stops just below? My information so far suggests that there are some stops below 79.50 but solid bids around 79.25/35 should soak up most of the selling.
Sovereign bids are being reported in EUR/USD below 1.2900, although no amounts have been mentioned, and you can keep up to date with changes on the order boards in the members section.
Good luck out there!