• USD/JPY has pulled away from the closely-watched 160 level

• Spot has dropped from 159.64 to 159.06, on Wednesday, on the EBS data

• USD/JPY upside has recently been limited by Japanese exporter sales

• A break and daily close below the cloud base, that is currently at 158.92, would be bearish

• USD/JPY and EUR/JPY usually struggles in August

• Investors set sights on Swiss franc for popular carry trades after yen intervention

Daily Chart


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