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USD/JPY falls below 153

The further falls in the USD/JPY yesterday was a constant theme of the entire session. If you look at a chart of the price action over the past two days you will see the dollar fell back all day from the rebound high in the morning around 156.30. The dollar closed last night at 153.64. It has extended that fall to below 153 today and in the process, taken out the intervention  low seen during the early Asian session yesterday, at 153.04. The low seen so far this morning has been set at 152.76. The fall in US yields has been the main driver undermining the dollar and of course the BOJ action has been front and centre too. There is no direct evidence that the BOJ has been active today though and the price action seen thus far smacks more pf position unwind, than it does of anything else. It is also worth noting that the Japanese markets are closed today for part of the golden week holidays.There will be more to add on this ahead of the important US monthly jobs report this afternoon. The USD/JPY is currently trading at 152.89
 

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