USD/JPY falls back from above 147 ahead of the European opening

Earlier today the USD/JPY continued to extend the rebound it started since this time last week. The dollar pushed above 147 after setting a synthetic US close at 146.92 last night. The high seen earlier today was set at 147.21. It has since dropped back to a low at 146.14 this morning. The move lower in the dollar comes as the Nikkei 225 pushes towards a lower close today and the Asian markets are mostly in the red this morning. The low seen today has just rejected a first attempt to fall below the 21 day moving average and that is in place right now at 146.11. That has now turned higher too, thanks to the price action over the past week. As per usual, the USD/JPY will be very much front and centre of any reaction seen in the dollar to the important ISM data this afternoon. The USD/JPY is currently trading at 146.38