USD/JPY is usually the clearest trade on rising rates and it's living up to its reputation today as it climbs above Friday's high to 119.45. The dollar has added an additional 20 pips across the board in the past few minutes as the market continues to digest hawkish talk from Powell.

The rates market is reflecting that as well, with US 5-year yields now up 18 basis points on the day to 2.32%. The Nasdaq dip buyers today are getting carried out, with the index now down 1.6%.

I continue to highlight the longer-term USD/JPY chart since we took out the late-2016 high.

USDJPY weekly chart March 21

This started out as a quiet day but it's certainly sprung to life.