USD/JPY falls below 155 in Asian trading

The reaction in the USD/JPY to the status quo from the Fed did not hold much water and the initial move back above 155.50 did not hold. The dollar ended the US session at 155.22. The 155 handle had more or less capped the downside yesterday ahead of that close, but it gave way earlier today. The fall extended to 154.29. It is trying to bounce now though. The reader is reminded of the low seen on Monday, at 153.72. The fall in the dollar comes despite some very modest progress in the Nikkei 225 today, remembering the Chinese markets are still closed this next until next Wednesday, for the New Year holidays. The driver for the drop in the USD/JPY looks to rest with US yields handing back their gains from last night. That has helped gold push a little higher too, but more on that a little later this morning. The USD/JPY is right now at 154.69