After a brief drive just under 110.00, follwoing a quick 25 pips pop in early Tokyo, the USD/JPY and the rest of Yen crosses are trading under extreme selling pressure once again, producing sizeable order book sweeps in the hourly charts, with USD/JPY last traded at 109.50. MOF watching FX closely Given the one-way street moves in the Yen market, a Japanese Ministry of Finance official crossed the wires today, saying that they are closely watching FX market moves and that they will take steps in FX market if necessary. Should the one-sided volatility remain, sporadic direct intervention by the MOF or rates checking callls to dealers in order to clean up excessive spec shorts should not be discarded. Kuroda reminds us BOJ bazooka not exhausted BOJ's Kuroda, speaking at a BOJ branch manager meeting, also made some comments today, noting that they will take additional easing steps if needed. There was nothing new in Kuroda's remarks though, adding that Japan's economy continues to recover moderately as a trend despite some signs of weaknesses in exports and output. USD/JPY technicals The technical strategy team at Barclays Capital, via eFXnews, took note of the latest technical developments in USD/JPY, writing: "Our bearish view was encouraged by the test of our initial downside targets in the 110.35/05 area. A move below Tuesday’s 109.95 low would confirm downside traction towards support near 109.60 and then towards the 107.60 area. Our greater targets are near 106.65." For more information, read our latest forex news.