• USD/JPY steady in Asia after trading in a narrow 157.17-157.27 range

• Holds below resistance at 157.30-35 which has rejected recovery attempts

• Traders hesitant to bid up USD on suspicion Tokyo intervening at this level

• But Iran war escalation, higher U.S. yields may force Japan rethink

• Fading prospects of Fed rate cuts, elevated oil prices limit downside

• Further resistance at 157.50, 158.00-10; support 156.80-85, 156.50-60

• Strong base at 155.45-50, 61.8% Fibo of Jan-April rally and recent lows

• Japanese markets closed Tuesday-Wednesday
JPY:

(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)