WATCH HOW JPY holds off most currencies, preventing them from regaining their earlier session highs, despite rebounding risk appetite and higher oil. AUDJPY unable to regain 80.40s despite AUDUSD hitting 0.9260s is among the many examples translating into renewed pullback in USDJPY. This confirms the thesis that USD remains the preferred (if not only) short during rising equities despite the BoJs emergency meeting to inject liquidity and indirectly cap the currency. This means that it takes more significant advances in equities in order for JPY to lose further ground. US ADP tomorrow will be key.