USD/JPY returns to the highs for the day after flash in the pan drop

If anything else, it shows that: 1) The drop earlier wasn't likely any intervention check or otherwise from Tokyo. I mean, the timing of the move was already suspect as mentioned at the time. And that is arguably the giveaway now after the fact. It is definitely easier to digest and make sense of the move two hours later of course. So, what could it have been? 2) The pair is definitely in a rather abnormal state at the moment. …