USD/JPY is in the middle of big reversal as Treasury yields rebound
Big move to the upside
It's month-end so easy explanations on currency moves are often fleeting. One spot I'm watching is the bond market today. US 5-year yields hit a record low of 0.2122% but they've rebounded to flat at 0.2311%. US 10-year yields are also battling some critical levels and now up 1 bps to 0.5560% from a low of 0.5186%. 30s are also 5 bps off the low.
That turn at the long end is likely feeding back into USD/JPY. It's also taking the shine off gold.
This is quite the reversal candle:
The other thing to think about is possible intervention from the Japanese MOF, something that was in play earlier today.