Month-end liquidity is pretty dreadful and prices are being pushed around with relative ease. Just as easily as the pair slumped to 1.3230, it rebounded to 1.3290/95. EUR/JPY has been underpinned most of the afternoon; we’ll chalk that up to lower risk aversion as US shares jump 2.75%.
Best bet: keep an eye on the 200-day moving average in USD/JPY. A failure to close above that level might prompt a wave of profit-taking before another topside run unfolds. 98.85 is support on pullbacks near-term. More lies at 98.65.