• USD/JPY steady as traders turn their focus to US CPI and Fed speakers

• The pair has seen a steady 158.12-158.51 range, on Wednesday, according to EBS data

• The thick daily cloud, that currently spans the 156.64-158.44 region, limits the downside

• Overall bias remains on the upside as USD/JPY usually climbs in October

• Note also that the daily tenken and kijun lines are bullishly aligned

• USD/JPY and EUR/JPY tend to move in tandem, 30 and 60-day log correlations are high above +0.5

Correlation Chart


Correlation Chart

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