Nikkei 225 gains help USD/JPY have another look at 158

The Asian stock markets are mostly higher today and the gains have been led by a standout move higher in the Nikkei 225. The Japanese benchmark has recovered the 40k handle this morning, rising more than 700 points in the process and that was the clear driver for the USD/JPY to push higher. Actually the USD/JPY was on the rise yesterday anyway and that led it very close to the 158 handle ahead of the US close last night. The USD/JPY rose above 158 last night, reaching 158.08 and later closed at 157.99. That was the high seen earlier today as well. Since then the dollar has backed off somewhat, falling a little earlier to 157.51. The fact that US yields are lower this morning probably explains the price action back to that low a little earlier. The dollar is on the rebound this morning, currently edging back above 157.80 Immediate technical support and resistance is in place this morning at 156.67 and 158.61. The USD/JPY is currently trading at 157.80