Yes, but only by a pip or so...Is there more?
The USDJPY just moved to new session highs, new week highs, new highs going back to July 29th. The problem? The old high was 104.867. The new high today? 104.881. Is that all the new high could muster on a break to new highs? The price has backed off to 104.82.
I still expect that traders will take it a bit higher but look for the 105.00 level to stall the rally (with stops on a break above though). That level corresponds with the topside channel trend line, it is a nice round number and it seems the market might tire there (it is slowing a bit now)...
Having said that, what might keep the pair rising (above that 105.00 level if it can get through) is higher bond yields and the prospects for some decent GDP tomorrow. The 10 year yield in the US is up about 5 basis points today (to 1.8465%). GDP is expected to come in at 2.5% tomorrow, but other tracking estimates were showing a higher estimate (after trade data, and inventory data yesterday). The Atlanta Fed GDPNow estimate will be released later today. It's last reading was lower at 2.0% (last week). I would expect it is revised higher today.
Watch the 105.00 level above.