USD JPY.

The dollar yen chart pops above 150 and it's currently staying above. The US 10year is once again approaching 5%. Having been written off earlier in the week, the long dollar story is still alive and well. The risk to a long dollar yen trade is JPY intervention. But with conflicting narative coming out of Japan (see yesterdays government stimulus) and also the fact that the JPY is performing well against the other currencies due the mildly 'risk off' environment (not even high CPI can help the Aussie) It will be an interesting day ahead, especially when you throw the ECB meeting into the mix. Any extra signs of dovishness could really put pressure on EUR USD.

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