• USD/JPY has seen a 157.23-158.74 range, on Monday, according to EBS data

• Long-tail on August 3 candlestick points to a rejection of the downside

• Those that are bullish need spot to register a daily close above the 158.56 Fibo

• Spot marginally traded above the 158.56 Fibo on Friday, but did not close above

• 158.56 Fibo is a 38.2% retrace of the 163.99-155.20 recent intervention fueled slump

• Note USD/JPY and EUR/JPY usually struggles in August

• Japan's executives call for FX stability as weak yen intensify import-cost pressure

• BOJ's debate on faster hikes bolsters September rate move odds

Daily Chart


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