I listed two confirmations for a breakout in USD/JPY yesterday:

  1. The S&P 500 closing at a record (marginal record yesterday plus 4 more points today)
  2. 10-year yields above the March high (spot at 2.80 vs 2.82% March high)

We’re very close and USD/JPY is close as well as it tracks back up to 103.85 after a two-month high of 103.94 in Asia.

Ultimately, the data is what matters and tomorrow’s ISM non-manufacturing survey and Friday’s non-farm payrolls will cast the final verdict.

USDJPY daily chart

USD/JPY daily