• Nikkei ends more than 1% higher as weaker yen boosts appetite

• Yen consolidates after dropping on Wed on U.S. inflation data

• Wednesday saw USD/JPY jump from 152.45 to 153.80, according to EBS data

• Thursday has seen a 153.90-154.66 range, fully contained by Wednesday's move

• FX traders should beware USD/JPY's upside is limited

• The cloud currently spans the 153.60-155.63 region

• USD/JPY and EUR/JPY tend to move in tandem with each other

• 30 and 60-day USD/JPY, EUR/JPY correlation coefficient remains above +0.50

Daily Chart:


Correlation Chart:

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