• USD/JPY (+0.5%) pushing back towards recent high at 162.84

• Little evidence of MoF intervention so far, keeping dip-buying appetite intact

• Though source reports suggest MoF may look to surprise yen shorts

• Macro backdrop is still supportive as firmer risk tone and UST yields underpin topside

• But given the intervention risk, the lean remains asymmetrically skewed towards a corrective pullback

• Meanwhile, with U.S. CPI (July 14) ahead, topside chasing remains unattractive given event risk
USDJPY daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))