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USD/JPY rejects a return to above 150

Earlier today the USD/JPY pushed higher from a US close set at 149.63. The dollar rose to within a single pip of reclaiming the 150 handle once more. The high at 149.99 then gave way to another price relapse. The drop that followed delivered a fall to as low as 148.70. That was partly linked to swings on the Nikkei today  and also another round of corrective moves lower in the EUR/JPY and GBP/JPY. The dollar has rebounded from that earlier low just now, but the risks of a deeper reversal do not look like they have yet been removed. The Yen and Yen crosses are still very much in control of the price action in the other major dollar currency pairings That is clear to see, with the USD/JPY remaining the most volatile pair within the G10 group. The USD/JPY is currently trading at 149.18

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