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USD/JPY edging higher so far today

Yesterday the USD/JPY fell due the fallout in the wider dollar and at one point it was calling the shots in terms of immediate dollar direction. However, the USD/JPY did rebound from a brief dip below 146 (145.90 the low) and later closed in the US at 146.43. It is just now edging to session highs above 146.50 and a good deal of that move seems risk based, as the likes of the EUR/JPY and GBP/JPY reverse the downside moves seen yesterday. That dynamic has been helped by a risk positive outlook for the markets this morning and the potential prospect of a ceasefire in Gaza. Naturally, such an outcome is by no means guaranteed, but this coupled with equity market gains is driving those JPY crosses higher and in turn that is helping the USD/JPY to edge higher. The USD/JPY is currently trading at 146.55 

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