From the FXWW Chatroom – From the point of the QE size it won’t depreciate the Yen, but given the tin JPY shorts in the market now, at least this is unlikely to act as a JPY positive. I believe the downside of USDJPY should be limited at around the important mid-term support around 121. A point for USDJPY must be whether Nikkei stocks advance or not, given the high correlation between them. If the risk appetite recovery continues the pair could move up towards its year high around 125 in coming months, probably after forming a short-term range between 120.5 and 123.5 for a while. Though now the pair is declining with a disappointment, the downside room below 122 will be limited in the near term and we still believe it could even test its upper end at 123.5 in coming days.