NEW YORK (MarketWatch) — The dollar surrendered the gains made against the yen during the Asian session Thursday, after gaining more than 170 basis points in less than 32 hours and surpassing multiple seven-year highs. 

The greenback USDJPY, +0.05%  traded at ¥117.96, after rising as high as ¥118.97, as it continued to revisit the highs from the summer of 2007, when investors scrambled to the perceived safety of the yen as U.S. credit markets seized up.

And analysts believe this is only a temporary pause in the dollar-yen’s inexorable march upward, and that volatility will increase in equal measure as speculators continue to pile into the currency pair.

“The higher it goes, the more volatile its going to be,” said Boris Schlossberg, managing director of FX strategy at BK Asset Management.

Volatility broadly characterized G-10 currency trading Thursday, as the euro EURUSD, -0.11%  also swung wildly, plummeting to $1.2505 after the eurozone flash PMI for November fell to a 16-month low. It soon recovered to $1.2563, slightly above its Wednesday afternoon price of $1.2545. (Read: Eurozone PMI falls to 16-month low in November)