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USD/JPY holds 150 again and rebounds

Yesterday afternoon the USD/JPY dropped back to a session low at 150.08. However, once again the 150 handle capped the downside move and it rebounded into the 4pm London FX fix. The USD/JPY laster closed last night in the US at 150.51. It has rebounded now, from an earlier session low at 150.38, to above 150.60 as I write this update. The high seen earlier this week is at 150.84 and that was set on Monday, so that would appear to be the next immediate resistance level. As with the Euro, the slight downtick in US yields has not so far had any negative impact and neither has a slight gain in the Japanese equivalent so far today. Perhaps we can attribute that to the proximity of the very important US PCE report? A question that will no doubt wait to be answered at 1.30pm tomorrow afternoon. The USD/JPY is right now trading at 150.63 

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