Close but no rise above 147.90 yet as USD/JPY dips back underneath 147

The recovery in stocks and further gains for the risk markets helped the USD/JPY to extend its rebound back above 147 yesterday and it built on that move earlier today. The dollar lifted after closing in the US last night at 147.23. The move higher today extended to 147.83, but as you can see, it did not get past the previous rebound high, at 147.90 set earlier yesterday morning. The reason for that would seem to lie with underperformance in the Nikkei and a push back in the major yen crosses. The rebound in US yields kicked this whole move higher in the dollar and those yields have edged a bit lower this morning. The US 10 year yield is now back underneath 4% and that has helped to stall the progress in the USD/JPY. As noted here yesterday, a rise above 147.90 does open potential for a further correction towards the already noted Fibonacci level at 149.44. The low since the high earlier has been set at 146.72, but it is above that high just now, currently trading at 146.94