• USD/JPY saw a big rise on Monday, closing up 208 pips, largest one-day since Dec

• Spot has seen a modest 159.20-159.46 EBS range, on Wednesday

• Some nervousness still over FX intervention but most say unlikely now

• Scope is growing for a bigger rise and break above the 159.59 level

• 159.59 is a 50% retrace of 163.99-155.20 intervention fueled slump

• Spot is now trading within the thick 158.92-161.38 daily cloud

• However beware USD/JPY and EUR/JPY usually struggles in August

USD/JPY Daily Rise Table


Daily Chart


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