USD/JPY falls back from above 153 for a fourth time

The USD/JPY managed to recover a fall to below 152 on Friday afternoon following the surprisingly weak US payroll data. The news that non-farm payrolls had risen by just 12k last month and pushed the USD/JPY down to a low at 151.80. The rebound that followed had seen it rebound all the way back above 153 ahead of the weekly close. The dollar closed in the US at 153.01. However, earlier today the USD/JPY fell all the way back below the low seen on Friday, reaching a low at 151.60. To the naked eye it looks like stops were surely taken out below 151.80 earlier today and perhaps that was also surprising, given that the Japanese markets were closed today for a public holiday (Culture Day). The move also came as US yields fell back sharply, with the 10 year yield falling back towards and just below 4.30%. By the way we are sure to see more swings in the bond markets over the next 48 hours. Also to note here; the money markets are still pricing an almost 100% chance of a 0.25% Fed rate cut on Thursday evening. So, right now the dollar has rebounded off the lows and since reached a high at 152.40. It is off that rebound high now though, currently trading at 152.20. At the same time, we should note; the USD/JPY has fallen back 4 times from above 153 and each time has delivered a lower high. Please take a look at a chart of that to see what I am talking about here