Gloom and doom reportage overnight prompted risk aversion and buying of JPY on the crosses. All that was washed away as US durable goods surprised to the upside (with upward revisions as well) prompting upward revisions to US GDP forecasts and a bounce in US equity. USD/JPY rallied from 108.90 to 109.60 on a spasm of short-covering. All that said, we still look range-bound between 108 and 110.25.
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