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The dollar is little changed on the day for the most part but the focus in FX continues to be on yen pairs as we see USD/JPY breach above 114.00 for the first time since November 2018 ahead of European trading today.
I still wager that CAD/JPY remains a standout in this space over the past few weeks and the latest break higher yesterday only serves to reaffirm that sentiment.
The surge above 92.00 tees up a further push towards the October to November 2015 highs around 93.25 but this has the makings of a higher run in my view.
Meanwhile, GBP/JPY is also starting to test key resistance levels from the year's high as well as the January 2018 high above 156.00 and NZD/JPY has broken to its highest levels for the year too in a push above 80.00.
All of that underscores strong technical momentum for a further push to the upside for yen pairs even as Treasury yields have been fairly more tepid in recent days.
Besides that, oil continues to be one to watch as WTI nears $82 at the moment, keeping the upside momentum. That also underpins the loonie when viewing the likes of USD/CAD and CAD/JPY so there's that to consider.
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