Following a massive flush out of USD longs - mainly fast money - during the last NA session, the world's reserve currency traded generally softer again in Asia, with the Japanese Yen still performing in quite a resilient fashion. On the back of a flash crash sub 118.00 - daily 20EMA - , the USD/JPY managed to extends its vigorous bounce over 2 cents all the way up to test offers ahead of 120.00 - highest at 119.89 in Tokyo -, although sellers came into action again, trying to jump on the JPY bullish momentum - in contradiction with overall uptrend though - to drag the rate down below 119.00, where bids were seen ... (full story)