USD/JPY is under pressure this afternoon as the bond market hopes its best customer (the Federal Reserve Bank of New York) will continue to buy mortgage-backed securities beyond the anticipated cut-off date of March 31. The more bonds the Fed buys of any flavor, the better it is for benchmark Treasuries.

2-year notes have dipped back below 1% for the first time in a week. USD/JPY is particularly yield sensitive and is seeing its rebound undermined. It trades now at 92.35. Next support is at 92.05.