US TIC data posted a net capital outflow of $11 billion in December, which was much lower than expectations. The dollar has immediately come back under pressure, with USD/JPY pressurising levels below the 120.00 handle.
Japanese bid interest has limited the pace of the decline, along with option activity. The challenge to look into is the session lows at 119.79 but prices may hold up ahead of the 15:00GMT options cut amid a large size 120.00 expiry.
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