• USD/JPY nears 160. Hits high of 159.85 as oil breaks above $100/bbl

• U.S. to impose a blockade in the Strait of Hormuz after weekend talks failed

• Geo risk premium creeps in but moves stay contained - ceasefire holds for now

• Topside conviction limited with lack of appeal to chase through 160

• Key resistance stands at 160 (weekly high)/160.47 (Mar high)

• Support seen at 158, stronger cushion down at 156.89/157.11 (100/55DMAs)
USDJPY daily chart


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