USD/JPY: 97.50 looming as next important support point
- Falling US yields will add to the bearish pressure here;
- Reduced possibility of a tapering event by the Fed will improve risk sentiment and should benefit the Yen crosses;
- Long positioning amongst the big macro players remains at high levels;
- Short-term technical picture suggests that a clean break below 97.50 will open the way for a move to 96.50 at least and possibly 95.90 (see chart);
- Very short-term technical levels to watch are at 96.50/90;
- Trade data and a speech by BOJ Kuroda are the main events on the economic calendar.