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USD/JPY lifts to 157.40 in cautious Asian trade

The USD/JPY pushed higher into the US close last night and later ended that session at 157.17. It has made some further headway so far today, but caution over the Bank of Japan is clearly visible at the same time. The high seen so far today has been set at 157.40 and it is off that high now ahead of the European opening. Once again, the driver behind the move higher in the dollar has been the gains in the US treasury yields since this time yesterday. The push higher in the USD/JPY has also delivered multi-year gains for the GBP/JPY, but more on that later. The next technical level on the USD/JPY would be at 158.20. That price point represents a 76.4% correction of the fall, from 160.17, to the most recent low at 151.86. The low seen so far today has been set at 157.13. The USD/JPY is currently trading at 157.24

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