• Pair boosted by weaker than expected Tankan, dovish LDP comments
  
  
• Pair likely to be capped by recent US/Japan rate divergence
  
  
• 2 & 10 year spreads have dropped under Feb lows
  
  
• Traded in range 116.64-122.04 Feb/Mar. Largely 117-120
  
  
• Near-term action influenced by hourly cloud
  
  
• Key pivot seen at 100-HMA. Talk stops 119.30