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USD/JPY rebounds as markets walk back on BOJ outlook

The Japanese Yen is weaker today. That is not just in dollar terms, but also versus its other major counterparts. So, the likes of the EUR/JPY and GBP/JPY have made progress so far today and all are above their closing levels seen on Friday evening. The USD/JPY rise above 145.07 and the high seen on Friday afternoon, at 145.21 has delivered an extension to a high so far at 145.70. The first line of resistance seems to be in place at 145.99 and then at 146.23. The current price action is towards the upper end of a range defined by its 200 day moving average on the base (now at 142.39) and 100 day moving average (now at 147.52) on the top. The higher US yields today have helped to lift the dollar so far this morning and so it has extended the rebound that saw it close on Friday at 144.95. There has also been something of a reassessment regarding the outlook for a BOJ monetary policy shift next week, on December 19. The USD/JPY is currently trading at 145.51
 

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