USD/JPY is starting to remind me of the Iran war: There's a battle but no defined strategy. It's abundantly clear that both Japan and the US want USD/JPY lower but we don't know how low they want it to go, or what they're prepared to do to get in there (and hold it there). For now, the tactic has been to throw money at the trade, with the US selling euros to buy yen. I'm watching 159.58, which is the 50% retracement of the intervention low but officials will be watching 160.00 most-closely. For now, I think it's a spot worth watching very closely but hardly one worth chasing.