• USD/JPY 157.57-76 EBS, EUR/JPY 182.15-31 EBS, CHF/JPY 195.15-16

• GBP/JPY 212.14-48, AUD/JPY 111.12-34, NZD/JPY 92.70-92

• All at or near retracement highs following FX intervention last week

• On follow-up JPY buying Monday on Bessent-speak, BOJ hike expectations

• Nervousness over more FX intervention fading a bit but still seen possible

• Market now seems to be waiting for US jobs report Friday, more Mideast news

• Narrower JGB-US Treasury rate differentials to help cap USD/JPY for now

• Massive nearby option expiries today to help contain spot action too?

• USD/JPY 157.00 $1.4 bln, 157.45-50 $1.9 bln, 157.75 $1.8 bln

• Smattering of other JPY cross option expiries too today but out of range

• Related comments , , also

• On flows , , for more click on [FXBUZ]

USD/JPY hourly:


USD/JPY nearby option expiries into next week:


JGB-US Treasury 2-year interest rate differential - hourly:

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