10-year yields in the US are up over 4 bps to 4.726% currently and that is continuing to keep the dollar more bid across the board. USD/JPY has been relatively cautious in pushing the invisible boundary set out by Tokyo at the 150 mark but it almost seems inevitable that we will breach past the figure level at this point.
Whether or not that will trigger intervention by Japan remains to be seen but the pressure is continuing as Treasury yields are shooting for the stars as seen in the chart above.
For today, there are large option expiries at the figure level for USD/JPY as well but as mentioned here, it's more of a psychological battle more than anything else for the pair right now.
As we look towards US trading, the pair is trading at 149.94 and that is just a hop, skip, and a beat away from running off above 150.00 once buyers touch the key threshold.
