USD/JPY 15-minute chart
This is the sort of nervous price action that we also saw previously when getting close to intervention territory. The pair just took a quick dip from 159.60 to 158.75 before holding around 159.15-30 levels again.
In the run up to the last intervention, there were also jerky price movements such as this during the build towards 155.00 previously. That ultimately settled with a break higher though, before Tokyo stepped in at the 160.00 mark.
For now, the price jumps are not too volatile even with the rise since last week. So, I wouldn’t say Japanese officials are feeling extremely compelled to intervene for the time being.
This is all pretty much the same sort of nerves that is leading to profit-taking as we are near the key threshold.