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USD/JPY falls back further below 157

Since earlier updates here today the Yen has strengthened. The USD/JPY has fallen below the Asian low at 157.00 and may have tripped stops and system sellers once that level gave way. Now the USD/JPY has fallen back to below 156.75, which has also taken all the major Yen crosses lower with it. The one that stands out the most right now in relative terms is the CAD/JPY, but both the GBP/JPY and EUR/JPY have fallen back quite markedly too. The driver for this is not easy to pin down and the lack of news flow makes the move harder to decipher. The USD/JPY will of course be front and centre to any later reaction to the US ISM data (2pm GMT). Right now it looks like a weak number could be priced in, but conversely a strong one certainly is not. The USD/JPY is currently trading at 156.72

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