• USD/JPY dropped from 160.39 to 159.85, on Monday, EBS data shows

• However, it remains above the rising tenkan support line that currently comes in at 159.69

• It suffered a setback after hitting 160.39 in Asia, the highest level since April 30

• 160.72 was the peak on April 30 when Japan intervened to buy the yen

• 30-day log correlation between USD/JPY, EUR/JPY is above +0.5 (these pairs are moving in tandem)

• Japan Q1 GDP lower but still strong, BOJ to stay course

Daily Chart


Correlation Chart


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