USD/JPY: Trying to form a top but Sovereign buyers still lurking

The twin forces of Sovereign buyers and rising US yields may yet prove irrestible to USD/JPY but for now at least it is still managing to consolidate below 84.15. This market has come a long way in a short time so its no wonder to see profit-taking halting the rally but if the big Sovereigns continue to turn up on dips (now rumoured at 83.20) then the next bullish break is probably only a matter of time.