JPY: USD/JPY - Disappointed Market Challenging 157-159

The USD/JPY range today has been 157.34-157.67 in the Asia-Pac session, it is currently trading around 157.65, +0.16%. The pair has stalled toward 158.00 with the market wary of intervention after reports the BOJ might have conducted a rate check around that level on Friday night. All in all though last week was not great for the Yen and those potential green shoots that had just started to take root, CFTC data showed the market turning long for the first time(ouch). A dovish hike thanks to the Takaichi appointments and a BOJ that will not give a signal to the timing of the next hike, while the Fed comes out hawkish is not a recipe to encourage those buyers to add to positions. The 149-152 area has now proved to be solid support again. The market is now punishing those Yen longs and back testing the 157.00-159.00 area which technically looks important now. The BOJ was probably also reminding the market it is around as Japan enjoys a three-day holiday which could further impact liquidity. * "Sanae Takaichi urged the UN to remove references to Japan and Germany as "enemy states" in her maiden speech at the General Assembly." - BBG * "Trump and Takaichi agreed to closely coordinate on