USD/JPY touches a high of 104.69 on the day

The pair looks to be solidifying a break above its 100-day moving average (red line) @ 104.40 now, getting a helping hand from higher yields on the session. 10-year Treasury yields are up 1.9 bps to 1.064% and that is helping to drag the yen lower across the board.

Equities may still be leaning towards being more risk averse but the market is engulfed by all the memes and chaos right now and FX is largely left to its own devices.

The chart suggests that this looks to be a classic momentum breakout but we'll have to see what the broader market focus will be in the coming days to confirm that.

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