- 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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