The pair pushed back above 116.00 yesterday before breaching the January and February high of 116.34-35 today and buyers are not letting up since.

The jump is looking more technical despite the surge in Treasury yields yesterday. For today, 10-year yields are down 2.4 bps to 1.985% but yet yen pairs are jumping higher.

Looking at the chart for USD/JPY, there isn't much standing in the way of a push towards 118.00 next.

It's a rather complicated picture to wrap your head around considering that the Russia-Ukraine war is not even close to being over.

But at the same time, it's hard to argue with the charts - as has been the case for AUD/JPY and NZD/JPY in particular.

The risk for buyers is if we do get negative headlines on the war front and if price does move back below the 116.34-35 level. That will invalidate the potential breakout we're seeing above.