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Nikkei 225 falls below 40k forcing Yen higher- USD/JPY drops below 157
The USD/JPY closed on Friday at 157.48 after reaching a session high at 157.86. The has fallen back today after topping out earlier in the Asian session at 157.61. The fall is right now taking it below the 157 handle and the main driver for that would appear to rest with the price action seen in the Nikkei 225 today. The index has fallen back underneath the 40k handle and has closed well below that level. This price action has undermined the dollar/Nikkei dynamic and pushed the Yen higher. The USD/JPY has just this minute taken out the low seen on Friday, at 156.96. The wider an immediate price action remains inside a range defined by its 50 day moving average on the top (in place now at 158.03) and the 100 day on the base (in place now at 155.27). The USD/JPY is currently trading at 156.79
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