JP Morgan likes adding USD/JPY short on rallies into 158.

"Not a whole lot to add here as we reclaim the 157 handle in USDJPY amidst the pop in oil overnight on Trump's dissatisfaction with the Iranian nuclear proposal," JPM notes.

"Game plan here remains to fade yen weakness and will add towards 158 as we do not think the MoF are done. Franchise saw some local RM JPY demand overnight, important levels remain the cloud (156.28, 158.76), 200d at 154.32, 100d is 157.36 and 50d at 158.70," JPM adds.