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. That led to a squeeze lower in the pair but it quickly bottomed out and now the bulls are wading in.I'm watching 159.58, which is the 50% retracement of the intervention low but officials will be watching 160.00 most-closely. We're only 90 pips away now and moentum is clearly helping.For me, it's tough to see a real plan here and recent events have made me skeptical that Treasury Secretary Scott Bessent has one. Because of that, it makes it harder to trade on it as the US might resort to a bazooka to really unmoor the market. I get the idea of strategic ambiguity because you don't want the market to pin you in a corner. After all, Bessent was mentored by Soros and Druckenmiller, famous for breaking the Bank of England's lock on the pound.I also can't get over the clumsiness of leaking this image that's obviously not written in a way that an FX trader would ever write it.Ultimately, what worries me is that Japanese banks or insurance companies are holding large obligations or losses that could blow up. For now, I think it's a spot worth watching very closely but hardly one worth chasing. This article was written by Adam Button at investinglive.com.