USD/JPY rise above 156 today will not please the BOJ

The rebound in the USD/JPY since yesterday afternoon has seen the dollar rise above the 156 handle for the first time since July 23. An update here yesterday noted the next topside level above 155 being in place at 156.67. Well, as you can see, it has taken a step closer to reaching that level today. The high seen earlier was set at 156.14. It is off that high now though and of course once again we look at the rebound in US yields to account for the further gains in the dollar. Hence, it is important that you keep an eye on those again today for further clues on the price action to come. The move above 156 will surely not please the BOJ, but they will have to concede; that right now this is not about the Yen, it is about the dollar. The low seen earlier today was set at 155.35 and the USD/JPY closed in the US last night at 155.46. It is currently trading at 155.85