• Yen going nowhere fast, ranges compressing (158.98-159.38) with conviction remaining low

• Japanese FinMin back on the wires reiterating readiness to act against FX volatility

• USD/JPY holds comfortably above the daily cloud (156.52-158.87) - technically constructive

• Sideways drift looks set to continue in the near-term

• Dips remain well-supported as the preference for carry persists

• Aside from cloud support, the 100DMA (157.68) offers a cushion. Resistance = 160
USDJPY daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))