• Yen has surrendered part of its intervention-driven gains, set for a monthly drop

• USD/JPY has risen from 159.30 to 159.65, on Friday, EBS data shows

• It could be set for a sustained break above the August 18 159.78 peak, buy stops likely above

• That would unmask 160.63 Fibo, a 61.8% retrace of the 163.99 to 155.20 (July to August) fall

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

• Financial markets are focusing on whether Katayama and Ueda will meet Bessent next week

Daily Chart


Correlation Chart


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