Source: Thomson Reuters
- USD/JPY overnight surge to multi-yr high at 122.04 bereft of yield & stock market support
- USD/JPY implodes, could test 120.40, BOJ QQE3 risk & GPIF flows to limit downside if risk aversion abates
- USD-JPY 2-yr spreads down at Mar 5 level (USD/JPY 119.62-120.40 that day)
- Bids 121.00-10, but 61.8% of Mar range, Mar 5 hi & Tenkan by 120.40 are key
- Prices overbought on dailies & payoff for new high/122 breakout buyers is a loss so far
