• USD/JPY trapped, underwater spec longs exiting after early-week lows cap rebound
  
  
• EUR's tenacity in face of Grexit risk makes JPY a better risk-off buy
  
  
• Stocks & yield spreads softer, in part as Greek deal window closes
  
  
• 1.6b of 123 & 3.5b of 122 expiries at 10ET cut likely a drag on prices as well 
  
  
• Kuroda backtracking on JPY weakness threat too late; MOF flows bearish
  
  
• 122.37-51 crucial support; stops below