USD/JPY has hit a high just over 117.60, and dropped back to 117.50 as I update.
The high today is the loftiest in 5 years and its accompanied by rising yields on UST. The FOMC is expected to be hawkish this week, given surging inflation in the US (it wasn't transitory after all!), markets are pummelling treasuries ahead of the meeting.
USD/JPY weekly chart - divergence between the Fed and BOJ drives(and drives, and drives) it higher!
