What can’t go down must go up. Whilst being buffeted along the way USD/JPY has generally maintained a bid tone most of this week and looks ready at another attempt at levels above 94.00. A lot of USD/JPY moves are US Treasuries driven so watch moves in the 10-yr US bond closely. One suspects the answer may lie there given we are moving into the US session. A break above 94.78 would take us to levels not seen since August 2009.