Caught some interesting intra day trading action last Wednesday in the forex markets. The dollar index took a small dip, down about 0.08% to 98.047, but what got my attention was the yen pairs moving in the opposite direction. USD/JPY was up 0.12% sitting around 158.98, and you could see that classic V-shaped pattern playing out during the intra day trading session - bounced from 158.65 all the way up to 159.15.

Euro and pound pairs against the yen were also climbing, up 0.16% and 0.14% respectively. Bloomberg's dollar gauge dropped similarly to the ICE index. Nothing too dramatic, but if you were watching the intra day trading ranges closely, there was definitely some mean reversion happening. The kind of move that catches a lot of traders off guard when they're not paying attention to those intra day trading swings.