ANZ: USD/JPY AT AN INFLATED LEVEL

From the FXWW Chatroom: A turn in both the global inflation and growth pulse is becoming an increasing risk, and markets look vulnerable to a surprise on this front.
US rates have been the most aggressive in pricing in the reflation trade and if some of this is unwound then USD/JPY looks very vulnerable to further weakness.
We recommend selling USD/JPY at 110.55, targeting 106.50. We will reassess above 112.60.

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