USD/JPY has found a fresh bid despite the malaise in Treaasuries today. The pair is up 48 pips to 119.08 in a broadening dollar rebound. That’s just shy of the post-Fed high of 119.12.
A break of that would be a fresh high since 2016 and a close above would confirm the break of the late-2016 high. I wouldn’t expect too many stops above 119.12 but it’s looking like whatever was causing the dollar bid in the past two days has dissolved.