• USD/JPY holds near top end of 147.35-148.36 day's range as US shares climb and Treasury yield curve steepens

• Middling turnover keeps spot in a narrow range and beneath its 20-day upper Bollinger at 148.83

• Implied volatilities are lower across tenors with some skews near a four-month low amid dollar call demand

• A 4% drop in oil prices should help the yen

• Spot may gyrate later Tuesday should Treasury yields react to comments by Fed Collins or Fed Jefferson

• Wider trading range points to support at the Ichimoku cloud bottom of 146.89 to resistance at 149.40 Aug. 15 high
  

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