JP Morgan highlights its tactical bias for the rest of the week.

"Timing and tactics are now the name of the game; value date rolling into next month is a small tick as disclosure can be pushed out, upcoming illiquidity for the US holiday Friday is a tick to cause maximum discomfort and bang for their buck, NFP is a risk here but could also work in tandem if we see any weakness," JPM notes.

"One should have some short cross yen in the book for the rest of the week (CHFJPY  favourite), look for the 5 big fig fade if just the MOF, in the unlikely case they manage to get Scott on board via the fixed income angle (contagion fears/reserve liquidation) then the scope to stay longer JPY clearly broadens," JPM adds.