• USD/JPY hovering under the 160 level, a potential line-in-the-sand for Japan

• There has been a 159.61-159.84 range, on Friday so far, according to EBS data

• There is some speculation spot could break above 160 on Friday after Asia's close

• Japan renews FX warning, ready for 'decisive action' with US coordination

• Recall spot has failed on four occasions in April to register a close below 158.49 Fibo

• 158.49 Fibo is a 23.6% retrace of the 152.10-160.47 2026 (EBS) rise

• 30-day log correlation between USD/JPY and EUR/JPY is well below +0.5 (relationship broken)

Daily Chart


Correlation Chart


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