Corrects headline to JPY surges

• USD/JPY slides to 4-week low at 132.29, ends NY -1.55% at 133

• Pair trades 135.02-132.29, falling UST yields weigh on USD broadly

• Hawkish Fed narrative reversed, Fed 25bp hike on Mar 22 now a coin-toss

• Fed fund futs +90bp in belly of strip, more than 2-25bp cuts seen by Dec '23

• Supt lwr 21-d Bolli 132.44, Feb 14 low 131.50

• Converging rates boosts yen, dovish Fed lean puts mid-Feb low 131.11 in view

• Res falling 10-HMA 133.13, NorAm high 133.80, 21-DMA 135.19

• U.S. CPI Tues in focus, hot inflation read sets up difficult choices for Fed

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