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GBP/JPY relapse sends USD/JPY to session low

The rebound in the USD/JPY seen yesterday, from a pre-BOJ meeting low at 142.25 to a post BOJ meeting high at 144.96 delivered a close last night in the US at 143.84. That close was still above where it had closed the day before, but not close to its earlier session high. The fact that the noted, measured move from 142.55 played out pretty much as envisaged was just technical and now the markets have to assess what this BOJ decision really means. There is now much debate on that, as to whether the BOJ will abandon its negative rate policy early next year or not. Meantime, the mid point of that entire range seen yesterday is at 143.60. The range seen so far today has been covered by 143.37 to 144.10. It is currently at the lower end of that, as the European markets get underway, but as you can see, not too far removed from the mid point of all that played out yesterday. That is probably indicative of where the markets are right now on all that BOJ policy conjecture. That said the dollar is slipping to fresh session lows and that is partly on a quite significant relapse in the GBP/JPY unfolding right now, as the lower UK CPI bites 

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