• Broad USD strength amidst renewed Middle East hostilities buoying USD/JPY

• USD/JPY up to 160.58 EBS yesterday, Asia so far this morning 160.52-56

• Continuing gradual push up on 160 handle, no Japan FX intervention yet

• Seems MOF holding on to ammunition, to act in concert with BOJ

• BOJ 25 bp hike already discounted, question is if BOJ will do more?

• Includes possibility of a larger hike, telegraphing July hike too

• Of interest will be Gov Ueda's absence, effect, conspiracy theories galore

• USD/JPY currently holding near hourly Ichimoku tenkan at 160.51

• Hourly kijun 160.41, cloud 160.15-29, ascending 100-HMA 160.24 in cloud

• Option expiries today supportive, total $2.6 bln between 160.00-25

• $724 mln near current spot between 160.50-98, 161.00-25 $949 mln

• JGB-US Treasury 2-year rate differentials still on wide around 271 bps

• Related comments , , ,

• Also , on BOJ Ueda

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• On US-Iran , , ,

• On US economic data , , for more click on [FXBUZ]

USD/JPY:

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