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USD/JPY backs off from above 149 again

A little earlier this morning the USD/JPY did manage to grind its way back above 149. The high seen was set at 149.09, but it has now backed off a little after stalling ahead of the Asian high at 149.12. The move higher in the dollar has been assisted by a slight uptick in those US yields, but we are talking about very small margins here. Once again there appears to be a degree of trepidation over prospect of another sharp, BOJ induced move lower. That is understandable given the price action seen on Tuesday. Also there are doubts about just what the US monthly jobs report has in store tomorrow and that should cap the topside beyond 150 for the time being. The USD/JPY is currently trading at 148.95
 

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