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USD/JPY rebound running out of steam?
As you know the rebound in the USD/JPY yesterday delivered a high at 147.90. That then gave way to some modest downside as the session developed and the dollar later closed in the US at 146.68. That fall back was clearly assisted by the failure of the US stock markets to hold gains and a deeper fall into the red for the Nikkei 225 futures ahead of the opening today. The USD/JPY dropped back further earlier this morning as the Nikkei fell back from an opening high at 35,379. The dollar fell to a low at 145.44. However, it has rebounded since then and it is back above 146 just now. The rebound from the 141.70 low seen on Monday still looks corrective to me. The question is can it extend further and get above 147.90? That remains in doubt right now, but if it does, then 149.44 will be another significant hurdle to climb (38.2% of the 161.95-141.70 fall). The USD/JPY is currently trading at 146.25
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