• USD/JPY remains defensive as US shares slide, yield curve steepens sharply

• Trsy 2-year yields fall on equity losses, oil drop and soft CPI

• Shares slide after a report China tariff levels will be incresed to 145%

• Broad USD selling at the London fix also weighed on pair

• Bearish option skews ease across tenors even as USD/JPY falls

• Supp: 143.99 Apr 9 low; 143.77 trendline from Jan 2023

• Resist: 146.55 March low; 147.37 9-day EMA; 148.15-27 series of April highs
Yen

(Robert Fullem is a Reuters market analyst. The views expressed are his own.)