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USD/JPY stalls above 148 even as Nikkei rebounds
Yesterday afternoon, as the US stock markets rebounded the USD/JPY tracked them higher. That later saw the dollar push back above 148, reaching a high at 148.14, before later closing the US session at 147.84. The price action so far today has seen it fall back somewhat from that close. The drop back from a session high at 148.12 has delivered a low at 147.25 and what is slightly surprising perhaps; the dollar has edged back, even as the Nikkei 225 leads the Asian stock market gains today. However, that is perhaps explained by the fact that the Nikkei 225 futures were already significantly higher yesterday evening, when the dollar pushed back above 148. Today topside resistance is in place at 148.92. Looking at the daily bar chart on this one there is nothing much technically to note this side of the low seen yesterday, at 144.82. The outlook remains highly uncertain again today and much will depend on what headlines emerge. The USD/JPY is right now at 147.62
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