USDJPY broke above the psychologically important 105 level but has failed to sustain its gains.
At the end of the US trading session the currency pair was fluctuating around the big figure and now looks vulnerable to more losses, especially given the fact that the Dow has retraced more than half of its gains. The market has given little weight to the stronger than expected Japanese economic data. The current account surplus increased in the month of March as well as the CGPI in the month of April. Machine orders are due for release this evening, but that should only have a nominal impact on the Yen.
