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USD/JPY has a look at 146 and backs off

Earlier this morning the USD/JPY continued to press higher and that saw it test the the 146 handle, which was something it was not able to achieve yesterday afternoon. The high print was set at 145.99, so it seems to have run into fresh selling interest at that 146 level. Very often offers at any round number, or big figure if you want to call it that, will attract offers just in front. I know this very well from having worked at Japanese banks many years ago, This infers to me that those offers are originated from that region and in no way to suggests anyone is getting in front of them of course. So, for the time being the rebound in the dollar has stalled at 146 and it has now backed off a bit. We now wait to see if there will be another assault on the level and whether or not those offers re-emerge. The USD/JPY is currently trading at 145.82
 

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