• Japanese exporter sales capped USD/JPY ahead of 159 in Asia

• Fin Min Katayama flagged Trump's concern over weak yen in summit with PM Takaichi

• USD/JPY suffers a setback as a result, down from 158.89 to 157.95, on Friday so far

• A Friday close back below 158.62 Fibo, after closing above on Thursday, would be a "bull trap"

• A bull trap is set when spot breaks above a level but quickly reverses and is usually bearish

• The 158.62 level is a 76.4% retrace 160.39-152.89 (September) EBS drop

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

Daily Chart


Daily Chart


Correlation Chart

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