EUR/USD has been trading placidly for past year

Vols suppressed with bulk of trading within 1.05-1.10

Traders have unwound a $20billion bet on a rise since December

Following 2022 intervention EUR/USD soared 0.9528 to 1.1034

EUR/USD then staged minor correction reaching 1.0458 - 38.2% 0.9528-1.1034

Since trading 2023 low at 1.0448 last Oct pair has done little

Should BOJ intervene traders have few bets on a rise when a rise is likely

Moves few are prepared for are usually quick and far reaching