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USD/JPY backs away from a break above 158.08
Earlier today the rise in the Nikkei 225, to reclaim the 40k handle once more, helped the USD/JPY push above 158. In the process of that rise, it took out to previously noted tops on the daily charts, at 158.07 and 158.08. The move higher extended to 158.42. However, it has not been sustained despite those gains in the Japanese stock market. The Nikkei 225 is the best performing Asian market today. The USD/JPY has fallen back underneath the 158 handle again and come very close to 157.50. That is seemingly due to fresh concerns over Japanese wages and the prospect the BOJ might have to act again on monetary policy. At the same time there is no official comments to indicate that might be the case. The drop back in the USD/JPY right now is helping the dollar versus Europe to push a little higher right now. The USD/JPY is currently trading at 157.58
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