I remember a time back in 1993/1994 when USD/JPY used to move about 20 pips a week, maximum, regardless of how volatile the other pairs were. That phase lasted for what seemed liked an eternity and then all hell broke loose with the Asian financial crisis, LTC etc when USD/JPY moved 14 big figures in an afternoon; feast or famine seems to be the way.
At the moment, it’s a definite famine in terms of volatility and our time is best spent looking elsewhere for trades. Corporates are sitting both sides of the market and Kampo is also reportedly buying dips. If this pair is going to move, it’ll move only very slowly.
