USD/JPY sets a daily close back above its 200 day moving average

The rebound in the USD/JPY yesterday has extended further today, after an earlier relapse that saw the dollar fall to a low at 142.86 right at the start of the Asian session. The high seen since that has been set at 143.88. It is off that high now, but still elevated overall. Yesterday the USD/JPY peaked at 143.73 following the release of the latest US FOMC minutes. The USD/JPY did not hold all that gain though and later closed in the US last night at 143.29. That close was above its 200 day moving average, which is in place this morning at 143.24. The USD/JPY is still very much in a corrective mode and the next key level on the topside is now at 144.70. That price point represents a 38.2% correction of the whole downside move, from the 2023 high at 151.91, to the December low at 140.25. The USD/JPY is currently trading at 143.68