• USD/JPY peaked at 154.66 Thursday, it has slipped from 154.61 to 153.97 on Friday

• Fin Min Katayama stressed Japan's close cooperation with US on FX

• Spot continues to trade below 154.78 Fibo, a weekly close below would be bearish

• 154.78 Fibo, a 38.2% retrace of the 139.89 to 163.99 (April to July) EBS rise

• USD/JPY and EUR/JPY tend to move in tandem, log correlations are high above +0.5

Daily Chart


Daily Chart


Correlation Chart

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