The path of least resistance for the dollar/yen pair remains higher, says Carol Kong, currency strategist a the Commonwealth Bank. Despite the pair trading near multi-decade highs, another round of FX intervention doesn't appear imminent, she adds. The latest warnings from Japanese officials have been noticeably less forceful than the rhetoric seen ahead of the intervention in late April, Kong says. That said, Thursday's U.S. payrolls report could provide the next major catalyst. A stronger-than-expected result could prompt markets to further reprice the outlook for U.S. interest rates, potentially pushing dollar/yen toward the 165 level and testing the Ministry of Finance's resolve to defend the currency, Kong says. (james.glynn@wsj.com; Twitter @JamesGlynnWSJ)