• BOJ 'dovish hike' boosts USD/JPY, pressures Japan, scope for the 160 level

• USD/JPY soared above 156.64 and 157.53 tech levels, a close above would be bullish

• 156.64 and 157.53 are 50% and 61.8% retraces of 160.39-152.89 (Sept) fall

• Spot has climbed from 155.88 to 158.06, on Friday, EBS data shows

• USD/JPY and EUR/JPY tend to move in tandem, log correlations are high above +0.5

• Fin Min Katayama: it is important to maintain order regarding exchange rates, interest rates

Daily Chart


Daily Chart


Correlation Chart

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