USD/JPY lifts above 155

Recent updates here have noted the immediate range in the USD/JPY as defined by 152.15 on the base and 154.70 on the top. The prospect of a double top being set in place required that the price fell below 152.15. On the opposing side, a breakout above 154.70 would negate the prospect of that being set in place. well, since late yesterday the dollar has punched its way above 154.70 and that move has extended just now this morning. The USD/JPY has lifted above the 155 handle and in the process, completely defied the price action we have seen today in the Japanese stock market. The high seen so far has been set at 155.14. Technically speaking the next big level on the topside is still some way off though. That is in place at 156.67 and represents a 76.4% correction of the 161.95-139.58 fall. If there is a pullback from the current levels today, it remains to be seen, if 154.70 will now act as short-term support. The USD/JPY is currently trading at 155.02