• USD/JPY has seen a 157.86-158.51 range, on Wednesday, according to EBS data

• Spot continues to hover below the daily cloud that currently spans 159.43-159.60

• 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 is vulnerable

• However, there is said to be aggressive Japanese exporter offers/sales in the 159, 160 vicinity

• While EUR/JPY has been offered recently compared to USD/JPY, positive correlation is still high

USD/JPY Chart


EUR/JPY Chart


Correlation Chart

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