• USD/JPY creeping higher at glacial pace, spot trading at levels the MoF last pulled the trigger

• 160 is the line in the sand, how price action evolves there will be telling

• Intervention threat still keeping topside contained for now as ranges compress

• U.S.-Iran air strikes provide JPY a modicum of support on the crosses

• Both parties still at the table though, thus the bias continues to lean towards an eventual deal

• Range for now is 159-160 until a catalyst breaks the stalemate
USDJPY daily chart


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