USD/JPY reached a likely base on Aug 5 and promptly rallied nL1N3JS06U

A consolidation phase was highly likely to unfold and it has nL1N3JV08D

Widest since - 149.40-143.20 - which includes today's low

Traders buying yen on back of softer stocks, and BOJ potentially tightening

Whatever BOJ does it's highly unlikely to act quickly or move aggressively

FX traders must consider the source of risk aversion nL1N3KM082

Consolidation phase close to 140-150 could hold for the rest of 2024