• USD/JPY choppy in early Asia trading, day's range of 160.92-161.52 EBS then

• Market has since settled with pair holding above 160.91 daily Ichimoku kijun

• Kijun briefly pierced to downside overnight on move to 160.64

• Next support 160.48 low June 18, then daily lows to 159.51 June 11

• Option expiries today include 160.00 $1.3, 160.50 $1.2 and 161.50 $1.4 bln

• Whether Japan's MOF intervenes tonight maybe key to USD/JPY from here

• US holiday today, thin conditions providing MOF with great opportunity

• This especially if MOF is really out to punish speculators

• Some JPY short-covering seen yesterday but market still seen very short yen

• Weak US jobs data, fading Fed rate hike expectations helped yen but enough?

• No hints from MOF of action however, only usual mantra from FinMin Katayama

• JPY crosses heavy in Asia, dragged lower by USD/JPY yesterday

• EUR/JPY 184.25-41 EBS, back below descending 200-HMA at 184.52

• Also below 100-DMA at 184.67, 184.95-99 daily Ichimoku cloud

• CHF/JPY 200.24-85, above 200.07 daily Ichi tenkan but below 201.03-87 cloud

• Also below 200.76-79 hourly Ichimoku cloud now but could break back above

• GBP/JPY more buoyant than other crosses, 214.66-215.44, downside limited

• Off 216.05 high yesterday but support from 214.19/25 daily kijun/tenkan

• Ensconced for now in 215.19-64 ascending hourly Ichimoku cloud

• AUD/JPY up some too from 111.11 low yesterday, Asia 111.24-82

• Still generally heavy, holding mostly below 111.73-113.31 daily Ichi cloud

• Also below 111.92-112.03 soon to descend hourly Ichimoku cloud

• NZD/JPY 91.64-92.05, up some from 91.53 low yesterday, 91.00 June 26

• Still well below 93.02-64 daily Ichi cloud but into 91.92-92.22 hourly cloud

• Fate of JPY crosses seen dependent on USD/JPY moves, whether MOF intervenes

• Related comment , also , on Japan data

• On MOF-speak , , for more click on [FXBUZ]

USD/JPY hourly:


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AUD/JPY hourly:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)