• USD/JPY fell 0.8% after U.S. PMI missed badly, tanked Treasury yields

• Price broke below 21-DMA and 38.2% of post-June Fed meeting rise @136.74/36

• The 135.575 low on EBS is close to the 50% Fibo at 135.435

• Prices off the lows amid late demand for dollar as haven as stocks slid

• Also got a modest bounce in Treasury yields from their post-PMI lows

• BOJ-cloistered JGB yields leave Tsy yields to drive USD/JPY

• Two-year Tsy yield spreads have dropped 24bp from Wednesday's high

• Market pricing lower Fed funds terminal rate after a 2nd 75bp rate hike

• A close below the 21-DMA and 38.2% would be bearish into Wed's Fed

• Fri's 135.575-7.40 range on EBS was mostly between daily kijun and tenkan

• The 55-DMA at 133.21 is primary uptrend support

• EUR/JPY down 1.2% after recessionary euro zone PMI as ECB finally hikes

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