• USD/JPY traders cogitate on dive following a likely 1990 high MoF defense

• The 160.245-154.40 plunge came amid thin holiday and overbought conditions

• Japan FX policy diplomat Kanda all but confirmed the intervention

• He said more could come any time in "speculative, rapid and abnormal" mkt

• The 156.88 recovery high ran into resistance by the daily tenkan

• Another brief slide was seen from there in a nervous market pre-month-end

• And before ADP, JOLTS and Fed on Wed and Friday's employment report

• Though intervention could cap extremely O/B prices by 1990's 160.35 peak

• A sustained selloff would need softening US data and renewed Fed cut pricing

• The BoJ punted last week, putting supporting yen firmly on the MoF's back

• Q3, Q4 2023 corrections were caught by 55-DMA, weekly cloud top

• Those supports are currently at 146.08/25 and a bit out of reached

• At least w/o more interventions and or a huge dovish NFP miss on Friday

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