It's been a good night's work for the yen 5 Jan

General USD weakness, safe-haven yen demand and less than hawkish FOMC Minutes have all combined to shove USDJPY down to 116.08 in Asia.

An early bounce saw 116.50-60 hold as per my previous post and we're back to 116.22 again.

Expect decent bids/support at 116.00 still but I remain a rally seller as I have been advocating for the past few weeks/months. 117.20 was a close-touch support point I mentioned yesterday and that now becomes a decent resistance area with 116.60 the immediate hurdle.

I'll have the full order board shortly.

Meanwhile the implied o/n depo rate for offshore yuan continues to spike and now 69.4% bringing USDCNY below 6.8000