USD/JPY is back up by this week's 154.79 highs as Tsy ylds rebounded
The dips in Tsy ylds and USD/JPY from Tuesday's peaks were corrective
Hawkish Philly Fed, Fed's Williams and still low claims lifted the dollar
USD/JPY rise comes after Wed's US, Japan, S. Korea FinMin FX talks
That after weeks of MoF and BoJ warnings about excessive FX moves
Market worried 155 is the BoJ's new yen defense line
Lots of expiries at 155, talk of barriers there, stops above it
Vols and risk-reward show less hedging against a sudden bearish reversal
Japan CPI due out on Friday is unlikely to bolster case for more BoJ hikes
Main USD/JPY driver remains the Fed and Treasury yields
Above 155 are twin 161.8% Fibos by 155.20 from key 2023 lows
Might need well below-f/c Japan CPIs to eye 2024's channel top at 156.64
That and the BoJ refraining from intervention for now
If they do intervene, nearby props are by 153, 152 and 151
Worst case is a dive to the weekly cloud top & up TL from 2023's lows by 145
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