USD/JPY could trade lower still into March and flows from various players willbe scrutinized closely. Japanese retail players and medium-to-longer termJapanese investors are long . Some offshore specs too as CFTC IMMCTA data bear out. The situation will likely be little changed when fresh data(as of this Tuesday) are released tonight. Anecdotal evidence suggest retailplayers in particular have been doubling up (to average better) on theirpositions on the recent USD/JPY slump. These positions will weigh going forward,effectively helping to cap the market. As to Japanese medium-to-longer terminvestors, some have proffered an intention to buy USD and US assets afresh onfurther moves down to @105.00. That said, given the current USD/JPY bear biasand risk-off mood, exacerbated by Trump's trade offensive especially againstAsia, hedging previous and fresh USD-denominated investments may prove to be theway to go. In conjunction with the usual Japanese fiscal year-end repatriationflows, the current USD/JPY bear trend may still have more legs.<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^USD/JPY: ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
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