USD/JPY now up 77 pips
The rally in USD/JPY today is about a few things:
The comments from Evans
Strong US wholesale data and PPI
Trouble in emerging markets, especially Turkey
It's weathered the trade war rhetoric and news remarkably well
But I would argue that it's mostly a technical move (or someone knows something about tomorrow's CPI report).
USD/JPY broke above the May high of 111.40 and simply took off.
If you want to stick with the technical thesis, there's still room for upside here right up to the highs of the year at 113.50.