USD/JPY mostly above 157 this morning

Yesterday the USD/JPY continued to press higher into the 4pm London fix and that saw it reclaim the 157 handle as US treasury yields pressed higher. The dollar later closed in the US at 157.17. It rose further earlier today, reaching 157.39, but it has backed-off since then and traded to a low at 156.89. The USD/JPY is clearly being supported by those higher US yields since yesterday, but somewhat wary of further BOJ rhetoric and potential intervention at higher levels. We should also note, that Japanese markets are open all week and that means there is a risk, that if the BOJ really wanted to hammer the dollar lower, there is opportunity whilst Europe and the US are absent. To be honest it is unlikely they will do that for a number of reasons, but it might keep a lid on the topside at the same time. The USD/JPY is currently trading at 157.02