• USD/JPY proving buoyant despite intervention risk, Asia 157.57-67 EBS so far

• Back to around middle of 156.28-158.82 daily Ichimoku cloud, 100-DMA 157.38

• 100-DMA looks to maybe work as pivot again, kijun above at 157.86

• Feeling 158 maybe the new 160, moves to and above could spur MOF/BOJ action

• Hourly chart shows sideways action, downside supported by renewed bids

• Japanese importers almost constant buyers into Tokyo fix, specs on dips

• Pop in US yields post-CPI saw short JGB-US Treasury rate differentials wider

• Differential at longer end of curve sideways, in 10s @188 bps vs 2s @257 bps

• On options front, massive $1.8 bln expiries today between 157.00-05

• Topside, $1 bln in expiries at 158.00 strike, $1.9 bln up at 159.50

• Related comments , , , also

• US markets , , ,

• On US CPI, budget , ,

• Fed Goolsbee on CPI , for more click on [FXBUZ]

USD/JPY:


JGB-US Treasury 2-year interest rate differential:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)