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Nikkei 225 closing at record highs helps the USD/JPY steady

The Nikkei 225 was closed yesterday, but it needed little excuse to charge to a fresh record today. That is of course due to the records set last night on Wall Street. The Nikkei reached a new all time record high today, at 40,823. It has not long closed, pretty much on that high too, at 40,815. It seems like it is that record close that has helped to steady the USD/JPY and push it back above the 151 handle ahead of the European opening. What that has done is to elevate the major Yen courses further. There will be more to add on that later this morning. So, the Nikkei has now snapped its recent correction, which saw it fall back to 38,271 on March 12. If we flip the move from the previous record high at 40,472 to 38,271, that arrives at a measure move target on the topside at around 42,675. As to whether that plays out is another matter, but if it does, then what impact might that have on the USD/JPY? We shall see in due course.                                          

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