USD/JPY continues to reject a move beyond 156 as European stocks open for business

The European stock markets have now reopened and it has a modestly higher opening, but not electric in terms of any rebound at this stage. Just ahead of that opening the USD/JPY pressed to a fresh session high, as it had a very close look at the 156 handle. However, it seems to have run into offers up there for the time being and those could be Japanese in origin, as those players often like to place their orders at nice round numbers. One thing to note about the price action in the USD/JPY for a good while now, is to study the daily ranges. Give or take it has consistently been seeing daily outside ranges of 200-250 points and that was more or less what we got yesterday on the extremes. The range so far today has been covered by 154.49 to 155.98. You can make of that what you will. The USD/JPY is right now falling back a bit more from that test of 156, currently at 155.69