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USD/JPY still shying away from 148

On Friday the USD/JPY rose to its highest levels of the year to date. The dollar reached 147.95 as the US markets reopened. It did not back off much into the US close either, when it ended the week later on at 147.85. The price action seen today so far has seen it fail to launch another attack on the 148 handle. The range seen so far has been covered by 147.64 to 147.88. That tight range comes even as with the perceived absence of the Bank of Japan today, with the markets there closed for a public holiday (Respect for the Aged Day). Of course this week could be a make or break for the USD/JPY, with the Fed monetary policy decision due on Wednesday evening. There will be plenty to add on that over the next 2-3 days. Meantime, the USD/JPY is just now trading near session lows, at 147.65 

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