After climbing as high as 120.74, USD/JPY slipped back to 120.00.
The driver is the stock market and the merciless bid in bonds.
Good-sized demand at 120.00 quickly picked the pair back up to 120.15. More bids at 119.72, which was the Asian low, followed by the 119.66 low on January 1. Better demand at 119.50, some at 119.20 and large bids at 119.00.
Lots of traders are dreaming of buying and holding until 1.40 in 2015.