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Rapid price action meets the Dow Jones opening as USD/JPY edges past 144.70

Well, there has been no let up in the demand for the USD/JPY and the dollar has now lifted above the noted Fibonacci level at 144.70 (reaching 144.83 a moment ago). Perhaps it is already on route to the next objective? Well, if it is then that would be at 146.08 (IE 50% of 151.91-140.25). That will remain an open question of course, until it does or does not happen. Either way, the demand for the USD/JPY is not just about the US yields, it is also about the outlook for any shift in Japanese monetary policy this month, following the earthquake there. The potential for the BOJ to act has now been cut back it seems because of this. Now that firmer dollar did send the Dow Jones futures lower right on the opening, and it has been a pretty hectic start to the session, with some rapid price action unfolding in early trade. The prospect of the dollar denting the Dow remains live here. At the same time there is no doubting its resilience too. The index is just now trading at 37,520

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