The dollar-yen appeared to be heading back to 116.00 before being waylaid by the "Shanghai Surprise" — the Feb. 27 Chinese stock market sell-off that led to a world-wide decline in equities. Traders suddenly became fearful of ongoing liquidation in global equity markets and bought U.S. Treasuries in a flight-to-quality move leading to big buying in the dollar. The USD/JPY pair had it largest one-day loss in the last 12 months.

How did the Feb. 27 sell-off stack up to the typical day’s trading behavior?