• USD/JPY hovers near resistance at 157.30-35 after closing 0.1% higher Mon

• Recovery attempts have met strong rejection here since Japan intervened Thu

• Has led to suspicion that Tokyo is intervening to cap USD at 157.30, 100-DMA

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

• Pricing out of Fed rate cut bets in 2026 likely to limit USD 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

• Mon range 155.69-157.30, Asia 157.175-157.255; Japan markets closed Tue-Wed
Japan has recently had some success with currency interventions:

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