The market is again focussing on USD yields. I’m reading some interbank technical research which sees the 10-years close to important weekly support just above 3.00%, with 5-years having already breached their weekly technical support points.
USD/JPY is very closely linked to US yields and a bearish break in the 10-years, with a weekly close below 3.00%, would more than likely lead to some heavy selling in USD/JPY.