USD/JPY closed last week at 109.44 and closed today at 109.44. The week before was essentially flat as well.

However elsewhere there were some decent-sized moves in a week that’s normally a dud but has included some big moves for the second year in a row.

On Friday it was the euro that led the way, stealing the top spot from the pound with a late-day rally. The US dollar was the laggard.