• USD/JPY has fallen from 158.89 to 157.66, on Friday so far

• Yen bounces from three-week low on intervention rhetoric

• PM Takaichi: Trump said in the summit meeting that weak yen is pressuring US trade

• Earlier Fin Min Katayama flagged Trump's concern over weak yen in summit with Takaichi

• Katayama: this reaffirmed the shared US-Japan stance behind July's joint intervention

• A Friday close back below 158.62 Fibo, after closing above on Thursday, would be a "bull trap"

• The 158.62 level is a 76.4% retrace 160.39-152.89 (September) EBS drop

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

Daily Chart


Daily chart


Correlation Chart

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