• USD/JPY's multiple failures by to close below the broken 158.49 Fibo show bears are trapped

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

• Spot has seen a steady 158.78-159.00 range, on Tuesday, according to EBS data

• There is a good chance USD/JPY will eventually climb to retest the 160 psychological level

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

• Fin Min Katayama: Continue to closely monitor financial markets, will take measures if needed

Daily Chart


Correlation Chart


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