Which one of these is wrong?

USD/JPY and US two-year note yields are generally highly correlated. The correlation is losing some punch as USD/JPY soars but short yields rise more grudgingly.

I guess Mr.Market feels that yields can only rise so far on the short-end of the curve if the Fed maintains its 2014 target for the first hike in the funds rate.

This would suggest USD/JPY may have limited potential to the top side. Aggressive types may want to short the pair on rallies with a stop on a close above the old highs of 81.48 set back in July of last year.