USD/JPY holds 150 and edges higher

A little earlier this morning it looked like a more risk averse tone to the markets, as the European equity indexes continued to fall back. That saw the DAX slide towards 22,875 and take the USD/JPY lower with it. Hence, the dollar dropped back pretty close to the 150 handle, but it has so far managed to cling to that and since rebounded somewhat from the low. At the same time, stocks are on the rebound just now and you can see how they are pretty much linked at the hip so far this morning. The USD/PY might not be out of the woods yet though. We shall have to see on that, but the good news for dollar bulls; it has survived the first attempt to push it back below 150. It is currently trading at 150.22