USD/JPY Back Above 146.00, As US Yield Rise Continues

USD/JPY was on the front foot post the Asia close on Monday. Late in the NY session the pair got to 146.40, before losing some ground. We currently track near 146.20, with JPY having lost 0.57% on Monday's session. The yen was easily the worst performer in the G10 space. Current spot levels are more than 100pips above Monday lows near 145.15.

• In terms of technicals, the initial target on the topside will be 146.56, last week's high and a resistance that dates back to November last year. Above here, the focus will shift to 147.49, a Fibonacci projection.
• Yen was predominantly weighed by a rise in US yields across the curve for Monday's session. The 10yr yield pierced 4.35%, before closing slightly lower (in yield terms), the 2yr above 5.00%. There wasn't a standout macro driver of the yield move, but it continues the recent uptrend, while the real 10yr yield got to +200bps.
• Dollar indices gave up gains though as the NY session progressed, with the BBDXY now back sub 1240. Yen didn't benefit much from this pull back though, as it coincided with a firmer US equity backdrop, which likely boosted yen crosses. AUD/JPY is back to 93.70/80.
• The local data calendar is quiet today, but the authorities may reportedly release treated Fukushima water as early as this Thursday, so we could some focus on this from a geopolitical standpoint.