After a sharp drop Friday, into Monday, US yields have turned higher today. The 2-year note has tacked on 4 bp to trade at 0.80%, helping support the USD/JPY rally.
84.72 is the high so far today, matching the high from Friday. 84.75 and 85.00 barriers are hurdles above the market.
EUR/JPY has broken into fresh territory well above 120.00, now at 120.30. Options-related buying is fueling the gain, traders say.