• USD/JPY rallied back to 162.43 EBS yesterday after no Japan FX intervention

• Asia so far today 162.01-16, on buoyant side, could head higher

• Some resistance though from descending hourly Ichi tenkan at 162.16

• 161.92 kijun support? Descending 100-HMA 161.91, ascending 200-HMA 161.90

• Hourly cloud below between 161.18-55

• $2.7 bln in option expiries today at 162.00 providing gravitational pull

• Large below and above too, to help contain spot

• Japanese importer demand out of Tokyo to remain relentless, retail too

• Rallies in Japanese equities, foreign buys to trigger currency hedges again

• Little relief seen for JPY with BOJ behind the curve, no MOF FX action

• Intervention risk still seen however, especially closer to 163.00

• JGB-US Treasury rate differentials narrower, in 10s especially at @163 bps

• This JPY supportive but difficult to say to what extent

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(Haruya Ida is a Reuters market analyst. The views expressed are his own)