• Revealed, Japan's July yen-buying intervention set a fresh daily record

• Market still wary of intervention in USD/JPY above 159.00

• USD/JPY has slipped from 158.52 to hit 157.89, on Monday, according to EBS data

• Daily cloud, that now spans the 157.17-158.42 region, continues to limit USD/JPY's downside

• Relationship between USD/JPY and EUR/JPY breaking down, 30--day correlation drops below +0.5

Daily Chart

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