USD/JPY looks like 154-156 has it covered for the time being

As covered here in a number of updates here yesterday, the volatility in the EUR/JPY was a two-way headwind for the USD/JPY. The price action was confusing at times. Take the initial reaction to the better than expected ISM data, that saw the USD/JPY rise to 154.75, only to slide almost immediately back to test 154. What we do know is that back room conversations between Japan and the US has seemingly kept Japan off the naughty list when it comes to potential tariffs, but at the same time that probably means the BOJ will look to counter any move back above 160 in the USD/JPY. More immediately though, the rebound in the EUR/JPY since yesterday has helped to push the USD/JPY back above the 155 handle since yesterday. The USD/JPY closed in the US last night at 154.73. It has reached a high so far today at 155.48 and it is close to that high right now. The more immediate price action has seen the dollar stall short of 156. Please take a look at the chart since the start yesterday and you will see what I mean. So, in essence, it is not strictly about the USD/JPY, it is much more focused on the EUR/JPY. For the time being that seems to suggest 154 to 156 has it covered for the USD/JPY. The USD/JPY is right now at 155.47