• Japan, US agree to strengthen communication on exchange rates

• Fin Min Katayama said she told G7 counterparts that Tokyo is closely watching FX moves

• USD/JPY has rebounded from Asia's 158.27 low to hit 159.05 in London, EBS data shows

• Multiple failures below the 158.49 Fibo, on April 1 and 8 are a bear-trap: a 160 retest is likely

• A bear trap is set when a market breaks below a tech level but reverses: is usually a bullish sign

• Spot has again on Thursday broken below the 158.49 Fibo, but that has not been sustained

• 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


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