Just when it looked like the pair might be poised for extending the break higher this week, sellers are stepping in strongly in the past hour to send price back down. The high earlier touched 148.80 but the pair now has dropped down to 148.11 on the day:
USD/JPY 5 mins chart
The drop comes as 10-year Treasury yields also dip from 4.17% to 4.14% currently, as UK bond yields are leading the drop lower across the board. That comes as traders step up BOE rate cut bets for the year, following the dismal UK retail sales data from earlier.
If anything else, the price action above tells us that any run towards 150.00 for USD/JPY is not going to be a straightforward one considering the circumstances at play.