• USD/JPY fell 0.75% on Japan's PMI beat and US's PMI big miss

• Haven dollar also lost more from risk-on response to tumbling yields

• Slide took out tenkan support at 145.48 and last week's 144.65 lows

• If 144.65 is closed below after Chair Powell's speech Fri, watch out below

• Prices were already working off last week's overbought pressures

• Now have Bolli bands compressing in trend-ending fashion

• Not much support until 144.00. Rising 21-DMA will be by there on Thurs

• Any hint from Powell the Fed is tightening cycle has peaked is a sell

• Two-yr Tsy-JGB yld spreads fell 7bp, but remain above Fri's low

• However, 10-yr yld spreads fell to their lowest since Aug. 11

• PMI isn't a game-changer, but US inflation is most of way to Fed target

• If 144 gives way, the kijun, last at 142.31 on EBS, looks pivotal

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