USD/JPY nudges back above 146.00 mark in back and forth trading today

The bounce comes as buyers look to be holding at the 145.00 mark, at least for the time being. That being said, even with the push back above 146.00, it doesn’t mean much from a technical perspective. Looking at the near-term chart, sellers are still well in control. That as price action rests below both the 100 (red line) and 200-hour (blue line) moving averages.

The dollar is holding somewhat steadier so far today but the ranges among other dollar pairs are relatively light. So, there isn’t much to scrutinise as the greenback has been much weaker in the past few sessions.

For now, equities are tentative while bond yields are also lightly changed. As such, it doesn’t really suggest much to the move we’re seeing in USD/JPY and the dollar in general so far today.

This article was written by Justin Low at www.forexlive.com.