USD/JPY fell sharply overnight amid a sudden shift in sentiment, weak equities and covering of JPY short positions, which is one of the most crowded trades in the FX space, along with EUR short. The pair reached a low of 119.70 in Asia and the next support level is eyed around 119.30, which was the Dec 04th low, and then 117.82 (Dec 01st low). Keep an eye on the equities market for hints of risk sentiment.
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