• USD/JPY price action remains jittery. Intervention risk still elevated at current levels

• Spot easing off overnight highs (162.18), though downside remains shallow for now

• Japan FX diplomat flagged ongoing coordination with South Korean counterparts

• Continued lack of action from MoF has emboldened yen shorts in the near term

• That said, risk profile remains asymmetric, with scope for a sharper corrective move lower

• Near-term catalyst vacuum persists, leaving carry dynamics supportive - JPY negative at the margin

• Levels in focus: Resistance: 162.50, 162.84 (cycle high). Support: 160.70 (prior intervention zone), 160.00
USDJPY hourly chart


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