The repricing of Fed hikes higher for longer has been felt in USD/JPY more than anywhere else in the forex market. The pair has risen in 10 of the past 12 trading sessions and one of those declines was only 6 pips.
At the moment, the pair is carving out a new high that dates back to November at 140.72.
There isn't much standing in the way of the march higher and it's confirmed by a break higher in US 2-year yields above 4.50%. Be warned though, US 2s faded 7 bps today after hitting 4.63% and the 14-day RSI in this pair is at 71. Further, there's some moderate resistance at 142.24, which was the late-November high.
I think this pair could make another run for 150.00 but now would be a good time for a break as we wait to hear from the Fed and wait for May CPI data.