The overnight range was 155.80 - 156.69, Asia is currently trading around 156.10. The pair slipped lower and remained under pressure most of the overnight session as the USD finally reacted to lower yields. The path forward though continues to look tough for the Yen and Japanese officials would have to do something extraordinary to change the narrative. The path of least resistance for me is still a higher USD/JPY and I suspect any dips back toward the 154 area would be used as buying opportunities.
Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P
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| 0050BST | 0750HKT | 1050AEST | Japan Sep PPI Services |
| 0230BST | 0930HKT | 1230AEST | China Sep Industrial Profits |
| 0915BST | 1615HKT | 1915AEST | RBA's Bullock -Fireside Chat |
Source: Bloomberg Finance L.P/MNI
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