JP Morgan still looking to sell USD/JPY around 158.

"Little news out of the Bessent meetings which should not surprise anyone and the price action this morning is pretty consistent with an official rate check. If this is the case it shows they remain in the game and we think progress towards 158 will be difficult," JPM notes.

 "Not easy sitting here bleeding carry being short USDJPY but will persevere looking to add towards 158," JPM adds.