• USD/JPY trades at the base of a 156.55-160.24 range today with Tokyo closed

• The move from 158.66 to 160.24 and back to 1.5930 took less than 10 minutes

• Stops and option structures around 160.00 were triggered by the jump

• USD/JPY has fallen from 159.60 to touch 156.24 in the last 15 minutes

• At this point there has been no confirmed Bank of Japan activity

• The moves are exaggerated by the Tokyo holiday, so liquidity is at a premium

• Initial support at 155.248 10-day moving average then Friday's 154.97 base

For more click on FXBUZ