• USD/JPY, JPY crosses back off from early Asia highs as longs booked profits

• USD/JPY from 160.00 early to 159.82 before steadying

• Japan FinMin Katayama FX intervention threat today taken more seriously

• That said, good demand on dips, Japan importers good buyers every Tokyo fix

• Specs also good buyers on dips after rallies

• Foreign investor hedging of Japan equity buys also tipped

• Technically, USD/JPY pulling away from 156.59-159.03 daily Ichimoku cloud

• Cloud also looking to taper, fall, to 157.86 over course of week

• Hourly chart shows support from 159.83 Ichimoku kijun, cloud 159.43-63 below

• Massive option expiries in area to help contain spot action ceteris paribus

• 159.00-70 total $1.2 bln, 159.75 $1.7 bln, 159.90-160.00 $901 mln

• EUR/JPY 185.92-186.00 EBS, at top of 184.39-186.14 daily Ichimoku cloud

• Like USD/JPY, EUR/JPY cloud to taper, fall to 184.95-185.03 over week

• Support from 185.80 hourly Ichimoku kijun, ascending cloud 185.45-63 below

• Some option expiries nearby today at 185.00, 185.40 strikes

• CHF/JPY 203.23 to 202.75, down more from 204.18 recent high May 29

• Pulling away from hourly Ichimoku cloud topside between 203.03-32

• GBP/JPY 215.06-37 and down from 215.52 high yesterday

• AUD/JPY too off some from 114.91 high yesterday, Asia 114.57-85

• NZD/JPY in lower 94.64-87 range after rally to 95.42 Monday

• BOJ Ueda to speak later today, could communicate rate hike

• In news, Japan finalised extra budget to subsidise surging fuel

• In data, Japan May services PMI 50.0, composite 51.1

• Nikkei index to fresh record high of 68,561.60, JGB yields up across curve

• Related comment , also ,
USD/JPY hourly:


Nikkei 225 daily:


Yield on JGB 2s - hourly:

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