USD/JPY lifts above 157.20 in Tokyo trading (corrected)

The markets are all full of talk concerning the BOJ policy meeting at the end of this week. Much of that chatter concerns the prospect of the BOJ reducing their bond buying program. There will be more to add on that outlook as the week unfolds, but in the meantime, such chatter has not helped the Yen so far today. The USD/JPY has pushed above the highs seen yesterday, at 157.20. The high seen this morning has been set at 157.33. Resistance remains in place around 157.50 and then beyond that, at 157.70. So, for the time being the dollar is ignoring the prospect of a BOJ move later this week and also the threat of potential BOJ intervention. However, it would kind of make sense for them to keep their powder dry until the end of the week and perhaps that means more cat and mouse price action until we see if the Japanese Central Bank has anything meaningful to deliver ahead of the weekend. The USD/JPY is currently trading at 157.28