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<p style="" class="text-align-justify">It's all about the bond market in this case, as outlined <a href="https://www.forexlive.com/news/the-bond-market-is-still-a-key-spot-to-watch-this-week-20221205/" target="_blank" rel="follow">here</a> earlier. Here's a look at the chart for some background on the latest push in USD/JPY from around 134.30 earlier to 135.10 levels now:</p><p style="" class="text-align-justify">We are seeing mixed markets to start the new week with equities looking subdued alongside bond prices with yields holding higher. 10-year Treasury yields are up 5 bps to 3.539% and that is underpinning yen pairs ahead of European trading.</p><p style="" class="text-align-justify">However, the dollar is slightly softer across the board on the balance of things, only sitting higher against the yen. I reckon this might be a case of the tail wagging the dog and we could see other dollar pairs switch around later on in the day if broader market sentiments stays as it is.</p><p style="" class="text-align-justify">For USD/JPY, the bigger picture continues to center around its 200-day moving average for now and buyers are putting in some fight after what looked like a breakdown below the key level at the end of last week:</p>

                This article was written by Justin Low at forexlive.com.