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USD/JPY has a closer look at 157

Since the release of the US PCE data the markets have been gyrating and US stock futures have now pared the immediate gains seen after the data hit the screens. The Nasdaq 100 is now some 80 points lower and Dow Jones futures have handed back ever more than that. Once again the reader is reminded about the fluidity of the price action this afternoon. US bond yields initially fell on the PCE data, but they have now bounced back a bit and that has helped the push the dollar back up a bit too. The USD/JPY did not really back off much anyway and the modest 15-20 pip slip was mostly reversed. The high seen so far today has been set at 156.95 and of course the earlier slide from above 156.75, to 154.99 has more than been fully recovered anyway. It seems increasingly unlikely that the BOJ was involved in that move and even if they were, they have yet to follow that up this afternoon. That said, 157 looks like the dollar might have done enough for the time being. The USD/JPY is currently trading at 156.80

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