• USD/JPY seeing only dead-cat bounces in recent downturn, bias still down

• Some bounce yesterday to from 152.89 low to 154.43 but off again since

• Asia so far 153.93 to 153.36 EBS, Japanese exporter sales again tipped

• Other players may have joined too with market still seen net long

• Talk by some players near-term specs trading from short side, net short

• That said, USD shorts recently profitable, no need to change sell-rally tack

• Good resistance at descending hourly Ichimoku cloud, now 154.63-155.27

• Bounce yesterday well short of this cloud, tenkan now 153.86, kijun 153.66

• USD/JPY seeing no large nearby option expiries today, only 154.20 $450 mln

• JGB-US Treasury 2-yr rate differentials narrow @253 bps, 10s wider @190 bps

• Seems yen now less attentive to Middle East news, crude oil price moves

• Japan Inc still dependent on Middle East oil but plenty near-term reserves

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