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USD/JPY gives back ground as Pound recovers against the dollar

The earlier move above 148 (the high set at 148.17) for the first time this year in the USD/JPY has now given way to some downside. The dollar is dropping back towards 147.75 as I write this update. The GBP/USD has managed to claw back much of its earlier losses as a result and pressing closer to the 1.24 handle again just now. The move lower in the US dollar comes as the US stock markets prepare to reopen higher very shortly. The USD/JPY does appear to have been leading the move lower in the dollar, just as much as it was leading it higher earlier today. The USD/JPY is just now trading at 147.81

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