USD/JPY continues to track S+P 500- BOJ in the spotlight later this week

If you overlay a chart of the S+P 500 onto the USD/JPY you will see the price action over 5 days last week was very similar. So, as the S+P 500 lifted from 5,101 to 5,528 over the period, the USD/JPY rose from a low at 139.89 on Tuesday, to 144.03 just after the 4pm London fix on Friday. So, you can see that both were in lockstep. The USD/JPY later closed out the week in the US at 143.67. Overnight the price action has seen the dollar edge lower despite the Nikkei 225 not falling back. However, we should also remember what was just said about the S+P 500 correlation and those futures are lower this morning. It is also Golden week starting tomorrow and the Japanese markets will be closed. The Bank of Japan will also be deciding on its interest rate policy later this week- May 1. There will be more to add on that later. Meantime, the range seen so far today has been covered by 143.30 to 143.88. It is right now nearer the lower bound of that range, currently trading at 143.44