The combination of renewed North Korea jitters and soaring US long-term interest rates could put stop-loss buy orders in USD/JPY above 95.50 in jeopardy this afternoon. 95.51 was the overnight high and the buy orders are just above that. 10-year yields have reached 3.68% thus far. Two weeks ago we were around 3%.
Sliding US stocks may offset some of the USD/JPY strength if risk aversion rises.