Japanese Yen has considerable effects on the Nikkei due to its impact on exports. USD/JPY is currently trading at 91.67, up over 20 points from the open. Yen weakness has continued to help Japanese exports and thus the Nikkei. Bank of Japans recent intervention, adding market liquidity, seems to have been effective, and the central bank have expressed their willingness to act further if required.
For key technical levels Valeria Bednarik, collaborator at FXstreet.com, guides us: Unchanged since last update, pair remains contained under 91.85 area, thus moving in a tight range above 91.10 support. Slightly bearish in the hourly, 4 hours charts also look slightly bearish, supporting the bias; only under 90.80 support, not seen for the next hours, pair could extend the rally and confirm further falls, meanwhile, movements should be considered corrective.
The pair is trading just off 3 month highs printed the previous week.