Gossip has it that there are some very large short positions in EUR/JPY amongst some of the large hedge funds. The professional trading market is actually very small, and you could have as few as 25 big traders around the globe controlling some massive positions; and these 25 traders speak among themselves meaning that they are often all on the same trade! Currently EUR/JPY shorts and USD/ZAR longs would seem to be the trades of choice. If one guy suddenly starts to cover, then we can expect more to follow!
101.00/102.40 should cover all intraday gyrations but if we get the dip first then I might be tempted into a long trade (and not an intraday one this time!)
