We have changed our USDJPY view from long to neutral as the currency pair has fallen below support at 109.878 over the past week. This we believe is predominantly due US dollar weakness as the FOMC maintained it's stance that it will keep interest rates low despite rising inflation. Additionally, there is downside potential for the USDJPY if equities sell off on the back of Q1 earnings releases, starting today with GS and JPM, as the Yen is seen as a safe haven.