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USD/JPY edges higher in Tokyo trading

The Japanese markets reopened today and that has seen the USD/JPY lift tentatively higher after closing in the US last night at 156.35. The high seen so far today has been at 156.99. The move higher in the dollar has come alongside gains in the Nikkei 225. However, USD/JPY traders are wary of intervention from the Bank of Japan. The low seen prior to the high was set at 156.07. There has been little in the way of any news concerning the Yen today and speculation about trying to calculate intervention via account balance forecasts looks flawed, because it is most likely a proxy that was used on the machines. Anyway, we shall just have to wait and see on all that. Meantime, without intervention the long-term trend for the Yen will ultimately only turn when the fundamentals support it doing so. The USD/JPY is currently trading at 156.77

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