USD/JPY choppy as topside capped at 122 for now

  • Comments from US officials that the strong USD is a problem for growth in the US led to a sharp pullback in USD/JPY earlier
  • Price action remains choppy and USD longs are obviously nervous amid crowded positioning
  • The topside was capped at 122 overnight, amid profit-taking flows from specs and offers from corporate names
  • Pivotal short-term support seen at 120.60, with 120.00 then psychological support
  • Keep an eye on US equities as both the S&P and DJIA are down almost 1 % on the day
  • A break sub-1950 in the S&P might add further pressure on the USD/JPY

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