USD/JPY a tad soft in early NY -0.1% at 132.40; Thursday range 132.72-131.65
Pair stabilizing in 131.50-133 range since YCC tweak on Dec 20
U.S. Q3 GDP having little effect on $JPY as marts eye Fed-BoJ convergence
UST yields slip from post-GDP highs, JGB yields off post-YCC high as well
Tuesday's drop likely made large adjustment to extreme spec longs
As of Dec 16 release, yen specs had largest USD long at $4.9bn vs AUD $2.6bn
Will be instructive to see degree of change in positioning in Friday's data
Marts alert for BoJ rate normalization, note JP CPI at 3.7% vs 2% target
$JPY MAs, Bolli's pointing lower as some analysts eye 125 in early 2023
Supt at 131.49 Wed low, 130.58 Dec 20 low post-YCC move, 130.4 Aug 2 low
Break below Aug 130.40 low puts may 2022 lows at 126.56/37 in focus
Res 132.72 Thurs high, 133.70 hrly pullback high on Dec 20, 133.85 100-HMA
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