• Japan's Golden Week has started with many already on holiday this week

• Tokyo open today, tomorrow, Thursday and Friday nevertheless

• Tokyo trading looking to be thin all week, well into next week

• Australia holiday today to thin conditions even more today

• USD/JPY holding on 159, 159.50-67 EBS so far, quiet

• Daily Ichimoku kijun 159.00, tenkan 158.71, importer bids towards 159.00

• Spot currently in 159.47-60 hourly Ichimoku cloud

• Ascending 100-HMA 159.43, 200-HMA below at 159.17

• Intervention threat see higher towards 160.00, above, especially into GW

• In options, massive expiries today, 158.50-65 $2.3 bln, 159.00-10 $1.5 bln

• To upside also, between 159.40-160.00 total $4.3 bln, 161.00-30 $2 bln

• These massive option expiries likely to help contain spot action

• BOJ policy meeting to start today, announcement tomorrow

• Most eyeing no change in rates but slim possibility still of hike

• Totan Research/ICAP has only 5% probability for April meeting, June 62%

• JGB-US Treasury short rate differentials wider, not so for longs

• Fed also seen on hold this week but yield curve steeper, Japan curve too

• Related comments , , ,

• And , , also

• US markets , , ,

• Asia open , on Fed , US economy
USD/JPY:


USD/JPY nearby option expiries this week:

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