• Overall bias remains on the upside as USD/JPY usually climbs in October

• The 14-day momentum reading is positive, highlighting the bullish bias, 160 a target

• USD/JPY has seen a 158.08-158.47 range, on Monday, according to EBS data

• Spot is trading within the daily cloud, that currently spans the 157.22-159.02 region

• Buy stops likely clustered above the cloud top are vulnerable, could get hit

• USD/JPY and EUR/JPY tend to move in tandem, log correlations are high above +0.5

Daily Chart


Correlation Chart

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