USD/JPY edges to a new session high above 154

Since an earlier update here noted the USD/JPY dropping back from an earlier Asian session high at 154.06, it has been on the rebound again. A short while ago the dollar managed to surpass that previous session high and lift to 154.17. It has just stalled there for now, but the drive higher in the dollar has helped to lift the major Yen crosses too. The USD/JPY stalled last week, at 154.70 and 154.71 on November 6 and November 7 respectively. Clearly there is still a risk of a double top being set in place up there on the daily charts, but in order to confirm that, the dollar will need to fall below 152.15 from here on. That looks a distant prospect just now, but as you can see, we have a clearly defined wider range now (152.15-154.71). Just at this moment the topside looks closer on the radar for sure, but be wary of BOJ rhetoric, if the dollar extends closer to that today. The USD/JPY is currently trading at 154.08