With U.S. markets closed for the Memorial Day holiday expect the obvious lack of liquidity as most U.S. desks closed out positions Friday, just in case they got caught wrong footed over the weekend. Some leading bank analysts are now saying dollar/yen will revert to the 100 level if only because the yen’s recent sell off, pushing to a 4/12 year low against the dollar, was too far, too fast. After 16 percent rise in the dollar against the yen and a euro rally of 14 percent, it’s all easy to say in hindsight. Fewer were calling for it on Wednesday before the stampede for the door. And the dollar’s two day rout did see the greenback lose 2 percent on the week, the worst weekly performance since June last year. Perhaps the key is what those with a vested interest do in the next week. Watch Japanese exporters and corporate interests. Talk is that some missed the move in the latter part of the week because of the outlook for dollar/yen at 105. The overall uptrend for dollar/yen remains higher but if those Japanese interests decide to change their outlook expect the volatility to go on a little longer. Monday though is a wash. Few of the big players will make a decision without New York currency trading desks being open. Everything can turn on a dime with some good U.S. data.