• Yen steady as traders stay cautious after suspected intervention

• USD/JPY could climb further after last week's "action." Note the 155.50 golden ratio underpins

• 155.50 Fibo is a 61.8% retrace of the 152.28 to 160.72 (February to April) EBS rise

• USD/JPY has seen a tight 157.07-157.30 range on Tuesday, up from Friday's 155.49 low

• If Japan has fired its last shot, then 160 could be back in play

• USD/JPY's triple downside failure puts the focus back on the upside

• 30-day log correlation between USD/JPY and EUR/JPY is back above +0.5 (pairs are moving in tandem)

Daily Chart


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