That seems to be the take from Goldman Sachs as they revise higher their 3-, 6-, and 12-month outlook for USD/JPY to 155, 155, and 140 respectively (previously was 150, 135, and 125 respectively). The firm says that this is to reflect "a more persistent US hiking cycle than initially anticipated".

Whatever the case may be, the pair remains lockstep with the bond market and this week's US CPI data will be a crucial one for short-term sentiment at least.