• USD/JPY has seen a 157.32-157.85 rise, on Wednesday, according to EBS data

• Yen steadies after the recent rounds of intervention

• The recent price action hints at a downside rejection at least in the near-term

• There is scope for near-term recovery USD/JPY moves to the 158.56 Fibo

• 158.56 Fibo is a 38.2% retrace of the recent 163.99-155.20 intervention fueled slump

• Japan PM Takaichi asked BOJ to buy more bonds when needed, Jiji reports

• Plenty of talk from U.S. Treasury Secretary Bessent on BOJ, support for Japan yen moves

Daily Chart


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