The USD/JPY experienced significant fluctuations during the day as easing geopolitical tensions triggered a market reversal.

[Coin World] The darkest moment is always before dawn. This is the lesson many markets are giving us today. Over the weekend, it seemed we might witness a new round of upgrades, but actions and words indicating a downgrade have followed. Even in the past few minutes, there have been reports that Israel has sent a message to Iran, expressing hope to end the attacks "within a few days." If you are a lover of world peace, this is good news, but if you are a lover of the dollar, it is not. At least not today, as the dollar opened very strongly but has since been overwhelmed. The USD/JPY rose nearly 200 pips at its peak today but has since fallen a few points. All the dumping occurred during the US trading session, leaving a fairly large reversal candle on the chart, with several hours of trading time left. Even with such fluctuations, you might think that as the dust settles, USD/JPY should fall all the way back to 144.00 or lower, while oil might drop all the way back to 64 USD.