• USD/JPY stuck in a tight range; U.S. CPI a non-event for price action

• Underlying bid intact, grinding higher amid ongoing Middle East geopolitical noise

• Trump rhetoric on Iran adds to the backdrop

• Upside truncated by persistent MoF/BoJ intervention risk keeping topside in check

• 160.73 (YTD high) remains the near-term hurdle; clean break opens 162 (multi-decade high)

• Risk-reward still leans against chasing USD/JPY higher given intervention risk
USDJPY hour


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