Keep a close eye on USD/JPY price action today and here is why

As just noted in the previous update, the USD/JPY has rebounded back above 146 and a short while ago got close to 146.25. The move higher in the USD/JPY was accompanied by a push higher in the Nikkei 225 futures. It is hard to determine which is driving the other right now, but the price action in the USD/JPY would suggest it is the dollar that is pushing the Nikkei. That said the price acton in the USD/JPY is sporadic and liquidity extremely thin, especially for decent sized amounts in the wholesale market. So, it also seems that the USD/JPY is potentially calling all the shots for so many of the wider markets today and in that sense you might be served well in other instruments, by keeping a very close eye on the USD/JPY today because, as said it is front and centre of all that surrounds it right now. The USD/JPY is currently trading at 146.06