USD/JPY Rate to Track Treasury Yields Ahead of US PCE Report

From dailyfx.com

USD/JPY appears to be tracking the recent advance in US Treasury yields as it retraces the decline from the yearly high (136.71), and the exchange rate may attempt to clear the October 1998 high (136.89) as a growing number of Federal Reserve officials show a greater willingness to implement a restrictive policy. USD/JPY has retraced the decline following the Federal Reserve interest rate decision as it continues to hold above the 50-Day SMA (130.79), and the exchange rate may continue to track the positive slope in the moving average as St. Louis Fed President James Bullard, who votes on the Federal Open Market ... (full story)