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USD/JPY steadies as Nikkei 225 gains
Yesterday the really weak US ISM service sector data sent the USD/JPY tumbling lower. The dollar crumbled to a low at 160.78, but it did not stay down there for very long and was almost instantly on the rebound. The recovery in the USD/JPY helped to stall the gains in the EUR/USD and GBP/USD yesterday afternoon. The USD/JPY later closed in the US at 161.69. Earlier today it took another hit from that level, falling to a low at 161.14, but it has bounced once again. No one can deny the resilience of the USD/JPY given its 38 year record levels. There was every excuse to really crunch this one yesterday given that US data and the later Dovish Fed meeting minutes. However, as you can see, the Yen selling trend versus the dollar remains very resolute still. The USD/JPY is currently trading at 161.52 and it seems the gains in the Nikkei 225 today are once again adding to positive dollar trend
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