• USD/JPY is back up by this week's 154.79 highs as Tsy ylds rebounded

• The dips in Tsy ylds and USD/JPY from Tuesday's peaks were corrective

• Hawkish Philly Fed, Fed's Williams and still low claims lifted the dollar

• USD/JPY rise comes after Wed's US, Japan, S. Korea FinMin FX talks

• That after weeks of MoF and BoJ warnings about excessive FX moves

• Market worried 155 is the BoJ's new yen defense line

• Lots of expiries at 155, talk of barriers there, stops above it

• Vols and risk-reward show less hedging against a sudden bearish reversal

• Japan CPI due out on Friday is unlikely to bolster case for more BoJ hikes

• Main USD/JPY driver remains the Fed and Treasury yields

• Above 155 are twin 161.8% Fibos by 155.20 from key 2023 lows

• Might need well below-f/c Japan CPIs to eye 2024's channel top at 156.64

• That and the BoJ refraining from intervention for now

• If they do intervene, nearby props are by 153, 152 and 151

• Worst case is a dive to the weekly cloud top & up TL from 2023's lows by 145

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