Japanese authorities already intervened this year but it didn't prove effective long-term. Market nervous about further intervention, move is a snail's pace. Key levels: 163, 164. Possible they wait until after US nonfarm payrolls on Thursday; if that pushes dollar higher, they may act on Friday (US holiday, lower liquidity = more bang for buck). Long-term, more than intervention needed to turn yen around.

They haven't given a strong signal like last time. Pay attention to policymaker rhetoric for clear indication they've had enough.

Asian equity markets have momentum from strong first half. South Korea is barometer to watch — record quarter, represents AI trade, volatility whipping up. JPMorgan target 12,500 a year from now. Fed moving closer to hiking could upset market, lifting dollar. Rhetoric from Kevin Warsh important.

South Korea gains and AI trade representation make it key. Consolidation phases possible along the way.