• USD/JPY has slipped from 159.26 to 158.89, on Wednesday, EBS data shows

• Japanese exporters seemed to have leaned heavily on USD/JPY in Asia

• A large upper shadow on Tuesday's candlestick line weighs for now

• However, the downside will likely be limited, at least in the near-term

• Spot last week found support at 158.03 Fibo, a 38.2% retrace of the 155.20-159.78 rise

• Note both the USD/JPY and EUR/JPY usually struggle in August

Daily Chart


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