This looks more like a shave off the top for the pair after an unrelenting push higher during the past three weeks.
The high earlier came around 122.43 but we are now seeing a drop back to 121.50 levels, close to the lows for the day.
It's a broad move as other yen pairs are also seeing a bit of a pullback as well, though not as much as against the dollar with the greenback among the laggards in Asia trading.
There were some attempts at jawboning earlier from Kuroda and Suzuki, so that might be helping to see some profit-taking. But in the context of the past few weeks and from the charts, the trend is your friend. It is still tough to pick a top at this stage with clear skies through to 125.00 at least.
