USD/JPY on the drift lower again as markets wait nervously

Earlier this afternoon the USD/JPY dropped back below the 148 handle, basing out around 147.87. An attempt to rebound off that  low has just now given way to another move lower and a moment ago the dollar set a fresh session low at 147.84. This looks linked in part to selling in the Yen crosses, most notably the GBP/JPY and EUR/JPY. Beyond any immediate risk based dynamic, that might favour a rush to the Japanese currency, there is no immediate reason to sell the dollar. We can see that from the price action across the likes of the EUR/USD and especially the GBP/USD so far today. The US stock markets are a little jittery though and that is worth keeping an eye on, especially with no many of the latest headlines pointing to a further escalation in the already very fragile situation in the Middle East. The financial markets and the world in general are still waiting for the Israeli response they have promised is coming. The USD/JPY is currently trading at 147.92