JPY underpinned amid cross-JPY long liquidation, with EURJPY extending losses to 149.05 session lows. The influence of option structures at 149.00 fueled a shallow bounce out of the lows to around 149.50, but risk is firmly skewed to the downside. NZDJPY continued to suffer after the RBNZ’s outsized 50 bps cut, which fueled follow through interest via AUDJPY and GBPJPY, with both crosses languishing at their recent lows. USDJPY is heavy as a result and challenged importer bids around the 107.00 handle. Short term speculative accounts and proprietary names are targeting a USDJPY move on 106.50, where good size options traded yesterday and large stops are noted below. A break of this level would fueled more JPY buying interest. JPY traders also note the forthcoming Japanese fiscal year-end, which could exacerbate JPY demand, with corporate accounts and investors likely to increase their interest ahead before the liquidity drain at the end of the month.