EUROPE: Little Net Reaction In Bunds To EU Steel Quota Exclusive

USD/JPY fade picking here slightly into (what would be) the US open - USD/JPY edges to a new pullback low at 151.42, marking a break through 151.65 and the overnight lows. Weakness here looks contained until any test or break through more notable support at 150.93 - the YTD low posted just over a week ago.

• Perhaps unsurprisingly volumes are lighter than average so far Monday with the US holidays, however activity is holding up pretty well: CME JPY futures show activity running ~15% below what you'd expect to see at this point in the session.
• As mentioned above, conviction over shorting EUR/JPY is building among the sell-side, and coincides with the failure of the cross to break technical resistance at the 50-day EMA in recent sessions - and should USD/JPY take out the bear trigger at 150.93, that makes two notable technical indicators pointing to JPY strength.

• EUR/USD: Feb18 $1.0300(E1.7bln), $1.0440-50(E1.3bln); Feb19 $1.0500(E1.5bln); Feb20 $1.0520-25(E1.5bln)
• USD/JPY: Feb19 Y155.00-20($1.7bln); Feb20 Y154.00($3.0bln)
• NZD/USD: Feb19 $0.5450(N$1.7bln)
• USD/CAD: Feb18 C$1.4295-00($1.5bln)
• USD/CNY: Feb20 Cny7.2000($1.9bln), Cny7.2500($1.4bln), Cny7.3700($1.3bln)

SFIM5 95.60 put, bought for 2 in 3.5k. 

• Now 7.5k total for the session.