• USD/JPY -1.3% to 131.30 into NorAm close; Friday range 133.09-131.19

• Pair eyes lows after Nikkei HL BOJ weighs raising inflation f/c closer to 2%

• $JPY has been offered since the BoJ tweaked its YCC cap, some target 125

• Converging JP-US rates signals end of easy long $JPY trade

• 2023 should see more 2-way trade in pair as Fed, BoJ manage policy rates

• $JPY supt 131.19 Fri low, 130.74 lower 21-d Bolli, 130.59 post-YCC tweak low

• Resistance 10-DMA at 131.80, 132.34 Fri NorAm high, 133.09 Friday high

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