• USD/JPY probing 50% of 138.18-130.58 Dec. 15-20 plunge again at 134.38

• Wed's 134.40 EBS high is by there and Dec. 14 Fed day's 134.53 EBS low

• Grinding recovery from BoJ's YCC tweak driven dive led by Tsy yields

• Prices now more closely trading with rising 10-year Tsy yields

• Prices got intraday rebound on haven USD demand after China travel woes

• Prices back above the 200-HMA (10-DMA), rising 100-HMA & hourly cloud prop

• Rebound from O/S base faces big kijun & 200-DMA hurdles at 136.10/14

• But a close above 134.53 needed to put them into play nL1N33I14Y

• BoJ en route to further YCC loosening, late 2023 rate hike

• But any yield rises may be modest vs Fed's circa 5% rate hike ceiling

For more click on FXBUZ