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USD/JPY in reverse again today

The dollar has remained under pressure during the Asian session today and that has seen the USD/JPY fall back further so far. The USD/JPY closed in the US last night at 148.69 after a steady drop back throughout the session yesterday. The fall was extended earlier today, to a low point at 147.98. It has rebounded from there now, but it is yet to reclaim the US closing level. The price action remains sandwiched in the between the 50 day moving average (now at 149.66) and the 100 day moving average (now at 146.90). Ahead of that low lies the previous interim low at 147.15. The move lower in the USD/JPY towards the month end smacks of profit-taking into that month end and comes with little change in the yield differential between the US and Japan. There is also a degree of profit-taking on the major Yen crosses at play here too. The USD/JPY is currently trading at 148.35
 

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