• USD/JPY consolidating, spot pinned to 200-hour MA cluster around 162

• Lack of follow-through above 162.84 cycle high keeps topside momentum in check

• Downside still limited for now, 160.70 remains the key near-term pivot

• GPIF headlines a slow burn but incrementally JPY/JGB supportive - no allocation shift, focus within bands

• Geopolitics keeping oil firm as Iran tensions escalate, which is helping keep USD/JPY bid

• Overall conviction light into Tuesday’s US CPI

• Hot CPI seen reopening 162.84, break would target 163.50 next
USDJPY hourly chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))