• USD/JPY holding in lower range established Friday, range then 155.25-156.75

• Inside day a possibility in Asia today, so far 155.97-156.30 EBS

• Massive $1.1 bln in option expiries today at 155.75 likely supportive

• Also 155.95-156.00 total $477 mln, some smalls up to 157.00 $501 mln

• USD/JPY now holding below wide, 156.40-157.82 hourly Ichimoku cloud

• Tenkan at 156.13 and kijun just below at 156.05

• IMM CTA increase in JPY shorts before fall last likely added to yen rally

• Japanese exporter likely to continue to sell rallies, importers buy dips

• Interesting twist in JGB-US Treasury interest rate differentials

• Diff in 2s narrow to @250 bps but that in 10s wider to @184 bps

• Could be quiet one in Asia ahead of the London, New York re-opens

• Tokyo likely to be quiet given weather-related transport problems, closures

• Middle East situation a concern, shifting central bank expectations too

• Strong US jobs report seen putting a September Fed hike back on table

• Related comments , , ,

• And , also , on IMM CTAs

• US markets , , ,

• On Middle East , , for more click on [FXBUZ]

USD/JPY:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)