Nomura: My Tokyo desk – running short USDJPY

From the FXWW Chatroom: Looking for 108.50 this month .. French election risk, Trump, North Korea – all making them feel pretty bearish intra-moth, whilst its not a crowded trade by any means.
There should still be ongoing broad portfolio diversification from the local community .. however we don’t expect that to materialize until a fair bit lower.
Lvl wise 110 obv is the initial one to watch – but below there, there isn’t a whole lot of close support .. 109.80 (18Nov low) .. then 108.47/55 (200dma + 17nov low).

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