• USD/JPY rallied 1.8% on huge risk-off flows from Fed, ECB hawkishness

• Haven dollar the main beneficiary of flight-to-safety trading

• Current 138.18 EBS high pierced Dec rebound highs, tech hurdles by 138

• Mostly weaker U.S. data Thur, lower L-T Tsy yields partial impediments

• Deeper 2-10-yr Tsy yield yld curve inversion raises recession risk

• A close above 138 could carry up to the kijun at 140.10

• Dec lows had already erased all gains amid Fed's four 75bp rate hikes

• Now has to price back in a bit more hikes than recently expected

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