• USD/JPY buyers took the leap of faith with a rise above 155

• Had been fear Japan's MoF/BoJ would intervene near there

• That after this year's 10% rise to 34-year highs prompted MoF warnings

• Prices have now cleared 161.8% Fibos off 2023 lows by 155.20

• A 155.20-plus close would create space for a run at 156 next

• But a rise to 1990's 160.35 high will need more solid US data fuel

• An LDP official noted there's no talk about intervention levels yet

• Party executive Takao Ochi said a slide to 160, 170 may be deemed excessive

• Bulls are happy to hang on given the attractive carry trade

• Downside risk would have to come from U.S. data misses, faster Fed rate cuts

• US Q1 GDP on Thur may beat f/c as Atlanta Fed GDPNow favors bigger increase

• Bigger event risk comes from Fri's core PCE, next Fri's payrolls

• Also have Tokyo CPI and BoJ on Friday, but no key policy news is expected

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