- USD/JPY just broke through the Asia session low and printed a fresh intraday low at 113.87
- Dealers see some buying from Japanese investors, but leveraged names have been mostly sellers
- Not many data releases out of the US this week
- We could see some further USD position covering; USD/JPY the most vulnerable as trade is crowded and there are plenty of trailing stops on the way down from specs who were chasing it higher so far
- Look for a test of 113.20 in the near-term
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