• Iran ready to reopen Strait of Hormuz if U.S .eases military pressure and lifts blockade

• Tehran welcomes revival of diplomacy if U.S. takes tangible steps

• Iranian delegation is in NY with full authority to revive diplomacy with U.S.

• Traders betting $10 billion on yen rising have instead seen it fall

• Oil's recent leap weighed heavily upon the yen

• Brent $11 below Sep's peak has dropped over $6 this week

• Hopes for peace could support a substantial yen rally

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USDJPY oil and betting on yen

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)