USD/JPY on the defensive in early Asia as flight to safety supports JPY

Soft U.S. and Chinese data, plunge in PacWest shares lead to risk aversion

Global recession fears, U.S. regional bank concerns boost JPY on the crosses

Lower U.S. yields support JPY; 10-yr -5bps as market prices in Fed rate cuts

Probability of Fed Sep rate cut currently at 78% on CME FedWatch tool

Developments on debt ceiling talks, China stocks key for direction in Asia

Thu range 134.85-133.73; support 134.20-25, 133.80-85, resistance 134.85-90

For more click on FXBUZ