With Treasury yields continuing to push higher, the fundamentals continue to underpin the pair and you wonder what exactly is the game plan for the MOF and BOJ at this point. The pair is now trading close to 150.40, its highest levels in 32 years. There is not much of a clear resistance point from hereon, with the April 1990 high only coming in at 160.40.
Perhaps the 155 and 160 mark may provide areas to lean on for sellers and profit-taking but at this point, it's all about sentiment again as we look to establish the next range higher for the pair.