- Pair has been trading in 121.23-121.41 range, contained by FOMC
- Bids by Japanese importer at 121.00; closest offers seen at 121.50
- More bids deeper into the 120.00s; stops seen above 122.04
- 121.00 has the largest number of expiries to month end (6 yards)
- Short dated yen RRs indicates a mild downside risk


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