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USD/JPY reverses prior dip below 154 to test earlier highs

Earlier this morning the USD/JPY fell back to just below the 154 handle. That low came after an update here noted the dollar was falling back towards 154, but there was no tangible evidence of any BOJ dollar selling. Well, since then the dollar has rebounded and now it is very close to the earlier session high, at 154.65. There is a chance that a break above 154.65 might extend, but given where the dollar is right now, the market may be very wary of pushing this too hard and too fast for fear of rattling the BOJ cage. The USD/JPY is just now trading at 154.59
 

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