USD/JPY backs away from 149 so far this morning

The gains in the dollar own Friday did not relent into the weekend. The US currency held its gains versus the Yen, Euro and Pound all the way into the US close. The USD/JPY touched 149 at one point on Friday afternoon, peaking at exactly that level after the European close, before later closing out the week, at 148.70 with a net gain of 177 points above where it had closed on Thursday, at 146.93. The early Asian session today saw the Yen weaken, as the USD/JPY pressed above that 149 handle, reaching 149.13, but since then it has backed-off quite a way and fallen to a session low so far at 148.22. That low has come despite a rise in the Nikkei 225 today. So, that does not add up in terms of the usual correlation. The explanation provided here right now is because with the dollar near 150 that might be causing some concern; that such a move will not please the BOJ, given how far the dollar has rebounded over the most 5 trading days. That is not a view necessarily shared  here though. So, there is potential for some more upside here today. The USD/JPY is currently trading at 148.44