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USD/JPY flirting with 148 again this morning

Yesterday the USD/JPY ran out of steam ahead of 148 and then fell back into the 4pm London Fix. The failure to get above 148 yesterday afternoon was the subject of an update here. It did rebound from a subsequent low then, at 147.46. The dollar later closed in the US at 147.76. Earlier today it set a session low at 147.53, but it has lifted back towards that 148 handle again since. The high seen so far has been set not long ago at 147.97. The price action and chart suggests there is still some sellers in place ahead of the 148 handle though. The rebound so far today has been helped by slight gains in the US treasury yields and a slightly higher close in the Nikkei 225 a little earlier on. The dollar could be impacted by US data releases due out later and another update will look at what is expected in due course. Meantime, the USD/JPY is currently trading at 147.89 

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