It’s all about risk aversion/appetite. This chart will influence risk trends with equities and bonds as well (since the USD/JPY is very sensitive to bond yields)
Take a look below, this 4 hour chart shows a possible breakout today, but a failure by end of day will take a toll on risk appetite and bond yields would slump after the powerful run up this morning. Failure to hold above 80.20 would reverse today’s move and show a failed breakout today. We have to close near the 80.60 level by end of the day to keep the bullish momentum in tact.
The standout today when putting the whole (market) puzzle together today is lack of participation in Gold and Copper, which charts look extremely bearish.Although some buying off the lows has come in earlier today in the North American session.
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Disclaimer: I have no positions in the above mentioned securities at writing (but could change at any moment)