• MOF's IMF rule reminder may have revealed Japan's hand

• USD/JPY has seen an intra-day spike on Tuesday, up from 157.07 to 157.90, on the EBS

• USD/JPY bias could be shifting after Japan's recent suspected intervention

• It has broken above a 157.50 Fibo, a 38.2% retrace of the 152.28 to 160.72 (February to April) EBS rise

• Note EUR/JPY has seen a modest 183.73-184.45 range, so far, on Tuesday

Hourly Chart


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