USD/JPY extends recovery above 153.50 as Yen crosses advance

The rebound in the USD/JPY took greater hold into the 4pm London fix yesterday and it held most of that into the US close. The dollar ended that session at 152.49. It has advanced further today and risen above 153.50. The high seen so far has been set at 153.73. That means the dollar has come close to the breakdown level last week, when the dive below support at 154 led to the slide seen since. That took the US currency down to a low at 150.93 last Friday. Hence, that 154 level could offer some resistance from here on. The further gains today come as those US yields press slightly higher. However, the more important reason once again seems to rest with a more dynamic rebound in the major Yen crosses. Please take a look at the GBP/JPY and the EUR/JPY to get a better idea of that. The USD/JPY is currently trading at 153.55