This pair probably has the strongest case for the USD bulls but progress remains slow. There has always been a strong correlation between USD/JPY and US 10-year yields and with the latter rising, that should mean a higher USD/JPY in the short-term at least. Add in to the equation that we are very close to historical lows and the case for being long dollars looks good. Japanese corporates continue to sell rallies nonetheless and this is what is making progress so slow. If equity markets fall in Asia then that may see some risk-aversion in the JPY crosses which would also weigh on USD/JPY.
I’m suggesting an 84.00/60 range in Asia with a bullish bias.