• Japanese yen slips to lowest level in three weeks

• USD/JPY has climbed from 157.80 to 158.79, on Thursday, so far

• It has pushed above the 158.62 tech level, 76.4% retrace 160.39-152.89 (Sept) EBS drop

• 'Yield gap' keeps USD/JPY on an upward trajectory

• 160.00 would be unlocked once daily cloud, that spans 159.05-159.60 region, is overcome

• However, Tokyo signals readiness to take joint action against a yen fall if needed

• USD/JPY and EUR/JPY tend to move in tandem, log correlations are high above +0.5

Daily Chart


Daily Chart


Correlation Chart

(Martin Miller is a Reuters market analyst. The views expressed are his own)