USD/JPY rocketed during the Monday session as the Bank of Japan intervened to weaken the Yen. The pair slammed northward, but still didn't manage to break above the 80 level - an ominous sign for bulls. In fact, the last time they did this was under the same circumstances - unilaterally. These moves have so far been an invitation to sell the USD/JPY from higher levels, and we think it still remains so.
The EUR/JPY has retraced more than half of the intervention candle already. The move suggests that the Euro will continue to be weak, and this is the pair you may see the biggest move in the Yen crosses moving forward. The Euro was sold off against many currencies, so this move makes sense.