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USD/JPY rebounds as European markets reopen- will it hold?
Earlier today the USD/JPY fell below a technical support level around 155.60 and that seemed to trip stops in a move to a low at 155.21. The dollar had closed in the US last night at 156.47 after rebounding from an earlier low just under 156. The prospect of the BOJ rising rates next week is a major driver and in truth more so that whatever you might think the benign US CPI data might have impacted the price action. That said, there is no doubt the lower US yields since this time yesterday have been a negative for the USD/JPY. Earlier today Japanese stocks were struggling, but they have rebounded and closed modestly higher. That has helped the USD/JPY to recover back above 156, to around 156.30 a little earlier. However, there are doubts about that recovery for all the reasons just noted here. There will be plenty to add on the USD/JPY has the day unfolds. It is currently trading at 156.09
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