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USD/JPY drops back from rebound highs
Yesterday the USD/JPY did eventually take out the technical level at 149.53. The dollar lifted to 149.75, but edged lower into the US close, where it later ended the day at 149.54. It has fallen back further today, dropping to a low so far at 148.89. The Japanese markets have been closed today for the the Labour Thanks Giving day there, which replicates that which we will get later on in the US. The fall in the dollar at the same time as the BOJ is potentially absent does not seem to have any connection and looks more about dollar long profit-taking ahead of the US closure, coupled with a slight drop back in US yields this morning. The USD/JPY has rebounded slightly from that earlier low now and it is currently trading at 149.04
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