I think the yen pairs will not move much until the BoJ press report tomorrow around this time. If anything, participants, especially the short-term speculative type, will get a bit nervous and may be exiting the UJ and EJ trades, leading these pairs lower. The technical picture argues for one more tilt lower at below 92 in UJ. If that level breaks decisively we could go a further 100 pips lower. That is the reason I’ve put the not removed the hedges.
There is a cycle to sentiment, in individuals and in the market. This sentiment against the USDJPY will need to go through this cycle, and the charts will show when the sentiment changes. At the moment it still has a few sessions / days to play out.
The AUDUSD sentiment has definitely changed. The charts point to it. After grinding lower for many days, but unable to make a big break below, I think the chances are that we will see 1.0450 and maybe 1.05 in a few days.