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USD/JPY rebounds from a technical objective at 146.31

The fall in the USD/JPY last week was extended upon earlier today. The dollar dropped to a low at 146.23, after closing in the US on Friday below a noted support at 147.15. The USD/JPY closed at 146.82. Earlier today that further fall took it past a technical level at 146.31. That was a 38.2% pullback of the 137.25 to 151.91 rise. It has rebounded off that earlier session low now and there is little doubt here; that for once it was the surge in Gold that delivered the further fall in the dollar. More usually it is the other way around, but clearly not on this occasion. As earlier noted, Gold has backed off now and that has allowed the USD/JPY to rebound. The dollar has lifted back to 146.89 so far. It is currently trading at 146.72

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