USD/JPY makes a move above 158

In a previous update this morning we noted how the USD/JPY had tried several times to rise above 158 yesterday and dropped back after peaking at that exact level twice. Well, since that update, the dollar has been gradually pressing higher and not so long ago it made a move above that 158 handle. It has traded as high as 158.09 so far. 

At this point we again remind readers of the location of the 200 day moving average, which has been capping the wider price action since October 20. That is in place this morning at 158.60, which means it is still rising gradually. As to whether the dollar will push closer to that today remains to be seen, for reasons we hope are obvious. The USD/JPY is right now at 158.09