• USD/JPY from 149.31 early Asia to 148.57 into the European/London opens

• US yields which earlier supported the pair look to have peaked for now

• JGB yields remain on an upward trajectory however, at fresh multi-year highs

• This helping push USD/JPY lower alongside fresh spec, maybe exporter sales

• USD/JPY capped today by hourly Ichimoku cloud currently between 149.38-84

• Gradually descending 200-HMA in cloud at 149.60, 100-HMA above at 149.72

• Down still looks to be the path of least resistance

• This especially with Japanese importers not eyed again till tomorrow AM

• Large option expiries at 148.00 this and next week, possible barriers too

• Expect large stops on break below 148.00 with 148.10 the spike low Tuesday

• Related comments , , also
USD/JPY hourly:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)