No significant events are expected today.

The pair remains near multi-month highs, yet the fundamental backdrop leaves room for a correction. With U.S. data releases resuming, market attention has shifted back to the real state of the economy, and periods of dollar weakness are appearing more frequently — allowing the yen to recover part of its losses. At the same time, Japan continues to closely monitor the currency amid discussions about growth quality and fiscal pressures.

Risks for the dollar are amplified by fluctuations in U.S. yields: when their upward momentum pauses, a key pillar of USD/JPY support disappears. For Japan, expectations for inflation and wages remain crucial; their gradual improvement increases the likelihood of a more confident policy shift, reducing one-sided pressure on the yen.

In this environment, a tactical strategy of selling on rallies appears justified: short windows of dollar weakness and heightened sensitivity to news may trigger pullbacks toward 153.50. Risks should be contained, as short-term spikes in U.S. yields can still provoke swift upward rebounds.

Recommendations: SELL 154.50, SL 155.25, TP 153.50.