• USD/JPY has seen a 159.64-159.98 range, on Tuesday, according to EBS data

• Yen lingers near 160 as U.S. Treasury Secretary Bessent leans on BOJ

• Bessent expects Japan to take action to boost yen, signals BOJ rate-hike chance

• Bullish as trading remains above 159.60 Fibo, 50% retrace of 163.99-155.20 intervention fueled drop

• There is scope for bigger gains to 160.63 Fibo, a 61.8% retrace of the same fall

• Fin Min Katayama: Japan, US confirmed policy behind joint yen action to achieve "orderly" moves

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

Daily Chart


Correlation Chart

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