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• USD climbed to a new 2026 peak versus the yen, Japan issued a new warning

• USD/JPY hit a 160.72 high in London, before dropping to 159.18, EBS data shows

• Yen neared intervention levels, keeping traders on edge

• Fin Min Katayama: the timing to take "decisive" action in the market was nearing

• The fourteen-week momentum reading suggests the underlying USD/JPY is positive

• 30-day log correlation between USD/JPY and EUR/JPY is well below +0.5 (relationship broken)

Daily Chart


Weekly Chart


Correlation Chart


(Martin Miller is a Reuters market analyst. The views expressed are his own)