• USD/JPY rose from 143.90 to 144.74, in Asia, but has since fallen back

• Trading below the cloud, that spans 144.84-145.59, is ominous

• Japanese exporter offers are also seen as limiting the upside

• Though huge 145 NY cut expiry worth 7.4B could exert magnetism

• Market focus on Middle East conflict, central bank meetings

• Don't rule out BOJ risk to USD/JPY on Tuesday - options aren't

• Spotlight on the Fed rate decision on Wednesday

• 30, 60-day log correlations between USD/JPY, EUR/JPY high are high

Daily Chart:


Correlation Chart:

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