Markets are pretty skittish this morning in early Europe and pairs like GBP/JPY are moving on relatively small volumes. Looks like there might be some good hit-and-run opportunities with markets likely to continue to overshoot in both directions. It’s only 48 hours ago that many people were turning very bullish on USD/JPY and the JPY crosses and I expect to see hundreds of these s/t sentiment swings as the month progresses. The trick is not getting caught up in short term hysteria. A cool head and a calm hand are needed in these markets.