The probability of the June hike is over 80%, while the probability of the September hike is nearing 40%, according to Bloomberg. The two-year yield touched 1.35%, the highest since March. And "Market-based measures of inflation expectations, meanwhile, remain close to the Fed's 2 percent target. While down from January's highs, the U.S. 10- year breakeven rate is 1.86 percentage points, compared with about 1.6 percentage points a year ago." If rate hike happened once again usd/JPY will go down to 108 or less .