• USD/JPY directionless as geo backdrop fails to provide a clear catalyst

• Rangebound chop likely to continue in the near-term

• Pullbacks remain well-supported with equities, yields and oil all firmer

• Though appetite to push through 160 is clearly lacking - intervention risk keeps topside in check

• However, with volatility triggers yet to be hit, the line in the sand may be higher

• BoJ next week - hold well-telegraphed via sources, so focus will be on the rhetoric

• Openness to a June hike lifts JPY. Failure to do so leaves 160 exposed to a break
USDJPY hourly chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))