Wholesale short-covering has sent USD/JPY skyward, as high as 90.76 so far. A last pocket of stop-loss buy orders was popped above the 90.70 level just a few minutes ago. 90.30 should provide a bit of support on pullbacks in the short-term, the spike high from early November.
Rising US interest rates, especially on the short-end of the yield curve are massively supporting the greenback. 2-year note yields are at 84 bp from 72 bp this morning, a huge move for that security.
