As the yen fell, funds repatriated from abroad through the end of the fiscal year (March 31) received windfall gains (in local currency). Exporters also benefited.
Importers were left to chase currencies with a weakened yen, and many capitulated to Tokyo’s corrective earlier in the day (buying USD and other currencies and selling yen).
Looking ahead to the session ahead, there are offers for USD/JPY down towards 123.15 and those are rising below 123.15.
For the top, it’s not so clear, although the jawline attempt earlier today:
seems to have had some effect. Talk of 130, over time, is spreading, however.