US yields continue to tick higher and USD/JPY is now up 33 pips to 151.85.
The 2022 high was 151.94, so we’re just a hiccup away from breaking it. Remember, that rally caused BOJ intervention and USD/JPY ultimately fell to 128.00 in the aftermath.
It’s not often I get to post a quarterly chart, but here’s the USD/JPY look going all the way back to 1989 when the Japanese property bubble was imploding.
USD/JPY quarterly chart