USD/JPY steady to softer just below 154.79 Tues trend high

Resistance and offers pre-155.00 on Japanese exporter offers, option defense

Massive option barriers presumed at 155.00, stops above very large

Vanilla expiries today: large at 153.00, 153.50 and 155.00

Some USD longs touted to be looking to book some profits ahead of 155.00

On a deeper pullback: minimum correction of 146.48-154.79 is 152.83

Initial support at 153.90, Tues low point

Caution on possible MoF moves: intervention threat nL2N3GQ04H

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