USD/JPY up another 0.3% today to 111.75
The pair is posting a modest rebound this week alongside that of Treasury yields, recovering from lows near minor support @ 110.80 to bounce back to 111.75 currently.
Yen pairs have been the hot pick since the technical breakout in yields two weeks back and things are still heating up with USD/JPY now on approach to try and retest the 112.00 handle ahead of European morning trade today.
The weekly chart better underscores how important this technical level is:
As such, a firm break above that will allow for buyers to roam towards 114.00 next as long as the bond market also conforms to that sentiment.
In that lieu, Friday's US non-farm payrolls report will be a key one to watch in validating any upside break in USD/JPY and yen pairs in general before the weekend.