• USD/JPY climbs to consolidate below 159 as the US-Iran ceasefire deal appears to be on thin ice

• Thursday has seen a 158.53-158.95 range, so far, according to EBS data

• That after USD/JPY had on Wednesday dropped from 159.74 to 157.89, in reaction to the truce

• Spot could resume losses as there is a "cloud twist" on the daily chart circa 155.78, on April 13

• A "cloud twist" is when cloud extremes, senkou spans A and B, cross and usually exerts magnetism

• 30-day log correlation between USD/JPY and EUR/JPY is well below +0.5

• The relationship between the two currency pairs is breaking down

• Japan Fin Min Katayama flags the impact of cross-market volatility on interest rates

Daily Chart


Correlation Chart


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