* IMM specs bought USD/JPY's dip in prior week, need cloud base to hold
* Rise in net longs to 3rd most since May 2019 bought @109.335-10.59 on EBS
* Friday's 109.365 low near the cloud base at 109.295 put longs to the test
* Bulls ok above cloud base, but a close above 110 is needed to ease angst
* USD/JPY's -0.16% last, probing 109.48 lows as Treasury yields slip
* Downtrend in Tsy-JGB yield spreads since May weighs on prices
* Sub-cloud close targets July's low & 61.8% Fibo of April-July rise @109.07
* Modestly bearish bias from risk reversals, but few big expiries on downside
* U.S. mfg ISM today's top release, seen holding at high, inflationary levels
* Main focus this week is Friday's NFP report, seen key to Fed tapering path
(Randolph Donney is a Reuters market analyst. The views expressed are his own.) ((Randolph.Donney@ThomsonReuters.com))