USD/JPY steadies slightly after being upended by US yield slide

The price action in the USD/JPY since the last update here last week has seen it fall back from a rebound high, at 151.30 on Monday to a low at 148.10 on Tuesday. That means it took out the prior interim low at 148.65 which had been set in place on December 3. This price point was covered in previous updates here. It is likely the fall below that level removed stops. The rebound back above 150 from there yesterday peaked at 150.18 and the relapse again yesterday saw it drop back to 148.40.The USD/JPY closed in the US last night at 148.88. There is little doubt that the further narrowing of the yield gap between the US and Japan, just as with the GBP/USD has been a driving force behind this. The price action so far today has seen the dollar steady somewhat, but in real terms not anything significant at this stage. That comes as US yields edge a little higher so far today. The range seen has been covered by 148.73 to 149.33. The USD/JPY is right now trading at 149.10