• USD/JPY 147.28-83 early Asia Fri amid retail demand, before a quick retrace

• Eventual lows at 147.02, with subsequent recovery stalling at 147.30 London

• Banks inclined to fade rallies amid ongoing hedge fund and real money supply

• Technically - 10-dma and a key 38.2% Fibo add resistance at 148.22/149.43

• Near term support from option hedging related to 147.00-05 option expiries

• Higher FX volatility remains a risk - recognised by USD/JPY option pricing

• Volumes likely to remain limited as markets await U.S CPI data Wed's

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