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USD/JPY eventually turns lower again
The noted price action in the USD/JPY earlier this morning seemed entirely at odds with that seen in the Nikkei 225. Well, not so any more because the dollar has just reversed lower again and fallen back to fresh session lows underneath 145. The fact that it refused to do that earlier was a little at odds with the more usual Yen/Nikkei correlation, but as you can see it has fallen more into line just now. The price action is going to be rapid at times today and we should expect a good many swings as the day unfolds. That is especially the case as the Yen remains the most reactive to any risk based stock market moves. Right now the Nikkei futures are in the red and that has helped to tip the balance in favour of the Yen, even as the European stock markets attempt to rebound from their opening lows. The USD/JPY is currently trading at 144.91
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