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USDJPY is on the back foot again today as the...>

YEN: USDJPY is on the back foot again today as the 113 level gives way and the
21-dma comes into play at 112.86, just ahead of yesterday's lows. 
- The yen's strength is at odds with the relatively small drop in US-Japan real
yield spreads, which continue to suggest the pair should be trading higher.
- Yen crosses are also under pressure as EURJPY loses the 130 level and AUDJPY
loses 80.0. A break below yesterday's lows in USDJPY and/or yen crosses could
trigger renewed downside momentum. 

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