Today's decline exceeds 100 pips
USD/JPY is down 107 pips today to 109.60 in what's the worst decline of the year in this pair.
The bulls were able to hold the line against falling yields for awhile but today they finally capitulated and dumped the pair. Interestingly, yields are now off their lows while this pair continues to edge lower. US 10s are at 1.285% from a low of 1.250%.
Technically though, this chart doesn't look great. It's an increasingly technical market at the moment and this was a clear channel that's now busted.
