The US dollar has been both positive and negative during the trading session against the Japanese yen, with the 158-yen level looking very much like a bit of a barrier. The 50-day EMA sits right there as well, and if we can break above there, then we can truly take off to the upside.

That being said, I suspect we are still within consolidation between 156 yen on the bottom and 158 yen on the top. Interest rate differential continues to pay you to own dollars, that’s basically what I’m looking at here, but I recognize there is a lot of chop, and of course, the Bank of Japan recently got involved.