USD/JPY gets a boost from Nikkei gains but yet to reclaim 143

The price action seen in the USD/JPY yesterday was technical in some respects, but unpredictable  and hard to fathom in others. The earlier drop below 141.70 led the dollar down to a low at 140.71, as was covered here at the time. The subsequent rebound after the US CPI data was then sharply reversed, only to deliver another rebound into the US close, where the dollar ended that session at 142.36. The gains in the Nikkei 225 this morning, following what was a pretty stellar turnaround for US stocks last night, has lifted the USD/JPY close to 143 earlier this morning, but in truth given the size of the rise in the Nikkei, it could have done better. The high seen earlier today was set at 142.95. The earlier low was set at 142.23. It is going to be another volatile session today by the looks of things and once again the USD/JPY has the stage in terms of price action amongst the major pairings. It is currently trading at 142.70