• USD/JPY has seen a steady 158.69-159.20 range, on Monday, according to EBS data

• A major 7.5-magnitude quake hits off Japan, tsunami warning issued

• There have been multiple failures by USD/JPY to close below the broken 158.49 Fibo

• 158.49 Fibo is a 23.6% retrace of the 152.10-160.47 2026 (EBS) rise

• There are two technical reasons why the dollar is in demand

• 30-day log correlation between USD/JPY and EUR/JPY is well below +0.5 (relationship broken)

• Asian Development Bank President Kanda speaks about yen weakness

Correlation Chart


Daily Chart


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