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USD/JPY stalls and falls as rise above 149 remains elusive

Yesterday the gains in the US service sector ISM index helped the dollar to rise further. That rise saw the USD/JPY lift to a new 2024 high at 148.89. However, the dollar was not able to reclaim the 149 handle and later edged back to close in the US at 148.68. It has dropped back further so far today, as the Japanese stock markets defy the gains seen in China and fall back, replicating the downside seen in the US last night. So, the USD/JPY has dropped to a low today at 148.36. That fall is by no means conclusive though, but comes set against further talk and speculation; that the BOJ is set to end its negative interest rate policy in April. The slight fall in US yields so far today has helped the dollar to underperform too. The USD/JPY is currently trading at 148.40

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