USD/JPY is trading up by over 90 pips on the day, holding near 122.60 currently as we kick start Q2 trading.
With month-end, quarter-end, and more notably the Japanese fiscal year-end out of the way, traders are perhaps feeling more comfortable to dive back into the water. It is still early days and for the time being, the 100-hour moving average (red line) @ 122.62 is also providing some near-term resistance to the upside move today.
But the jump here coincides with a resumption in the bond selloff with 2-year Treasury yields moving back up by over 5 bps to 2.38% and 10-year yields also up roughly 5 bps to 2.39% on the day.
Going back to USD/JPY, I still the the wider range for the pair being around 120.00 to 125.00 for now. That will define the more trendy movement in the pair, so price action in between may not offer too much although buyers will stay poised in keeping above 120.00 in the big picture.