USD/JPY rebounds from Asian low at 155.38 but the correction continues

Overnight the slide in the Nikkei 225 was understandably accompanied by a corresponding fall in the USD/JPY. The dollar had closed in the US last night at 156.20. The low seen earlier today was set at 155.38. The high was set since that low has been at 156.57. If we look at the bigger picture on the USD/JPY and the rise from late December last year, we can see a move from a low at 140.25, to a high at 161.95. first minor corrective point of that rise was at 156.83 (23.6%) and that was met yesterday. The next and more important level is now in place at 153.66 (38.2%). There was much speculation around the markets; that the BOJ was actively selling dollars in the market again yesterday, but for now we cannot yet confirm that. As noted here yesterday, it seems more likely there was a degree of tech based risk aversion that forced the move lower in the dollar. So, today that level at 156.83 is a potential resistance point of note, if the dollar lifts back towards it. Immediate support is the low just noted and then beyond that comes the level at 153.66. The USD/JPY is currently trading at 156.33