Yen has been the weakest performer so far this month but it's still up 3.25% on the year. USD/JPY continues to be driven by U.S./Japan bond yield spreads and risk sentiment, both of which have been supportive in recent weeks.

The pair broke out of a declining channel formation last week but the rally faltered ahead of 114.5. It looks headed for a retest of the channel trendline and perhaps 112 pivot. On the upside, multiple resistance levels are stacked from 114.5 to 116.

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