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USD/JPY still holding 151 again so far today

The price action in the USD/JPY has been resilient so far this week. The low seen since Friday last week has been set at 15.01. The dollar based out yesterday at 151.05. It closed last night in the US at 151.42. At the same time, gains above 151.50 have proved elusive. The price action seen so far today has been covered by 151.22 to 151.42. Hence, immediate volatility has been low by recent standards and the calendar surely has much to do with that. The fact that the USD/JPY has not backed off more, even as US yields edge lower is a slight conundrum to be honest, but that is the case so far this week. The main reason for the dollar holding up since yesterday seems to stem from a slew of US Fed officials talking caution on US rate cuts this year. So, once again we have Fed members walking back on the Dovish tones from the Fed boss last week, when the Fed sat on their hands. The USD/JPY is currently trading at 151.31
 

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